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Eastman (EMN) Enters Negotiation for Molecular Recycling Site
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Eastman Chemical Company (EMN - Free Report) announced that it has entered into an exclusive negotiation for the molecular recycling facility it plans to construct in France, with Port-Jerome-sur-Seine as the preferred location.
This is a significant step toward an important milestone in the company's plan to invest up to $1 billion to build the world's largest material-to-material molecular recycling plant in France. The facility is expected to recycle roughly 160,000 tons of hard-to-recycle polyester waste each year.
Since the announcement of the company's planned investment in January, Eastman conducted a selection process of three potential locations and chose to enter exclusive negotiations with Port-Jerome-sur-Seine authorities in Normandy. This site provides proximity of supply to waste polyester for feedstock, the required space for an expansive facility and the essential infrastructure for operations of this scale. Eastman expects the site to be operational by 2025.
Eastman’s investment is expected to be a major economic driver, enabling France to sustain its leadership role in the circular economy. The project is likely to create employment for roughly 350 people and lead to an additional 1,500 indirect jobs in recycling, energy and infrastructure. The available workforce in Port-Jerome-sur-Seine is another factor that makes it an advantageous location.
Eastman Chemical’s shares have increased 2.7% in the past year compared with 2.6% growth of the industry.
Image Source: Zacks Investment Research
The company, last month, said that it expects first-quarter earnings per share (“EPS”) in the range of $2.05-$2.25. This includes robust earnings in January, reflecting solid underlying business conditions. For full-year 2022, the company reaffirmed its guidance for adjusted EPS between $9.50 and $10. It maintained the earlier-provided segment-level guidance. Specialty copolyesters are reported through the company’s Advanced Materials segment and acetate tow is reported through the Fibers unit.
Eastman Chemical currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are The Mosaic Company (MOS - Free Report) , AdvanSix Inc. (ASIX - Free Report) and Allegheny Technologies Incorporated (ATI - Free Report) .
Mosaic has a projected earnings growth rate of 125% for the current year. The Zacks Consensus Estimate for MOS' current-year earnings has been revised 33.3% upward in the past 60 days.
Mosaic’s earnings beat the Zacks Consensus Estimate in three of the last four quarters while missing once. It delivered a trailing four-quarter earnings surprise of roughly 3.7%, on average. MOS has rallied around 109.6% in a year and currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AdvanSix has a projected earnings growth rate of 64.8% for the current year. The ZCE for ASIX’s current-year earnings has been revised 58% upward in the past 60 days.
AdvanSix’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, the average surprise being 23.6%. ASIX has surged 83.9% in a year. The stock sports a Zacks Rank #1.
Allegheny, currently carrying a Zacks Rank #2 (Buy), has an expected earnings growth rate of 661.5% for the current year. The ZCE for ATI's earnings for the current year has been revised 45.6% upward in the past 60 days.
Allegheny’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 127.2%. ATI has rallied around 25.2% over a year.
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Eastman (EMN) Enters Negotiation for Molecular Recycling Site
Eastman Chemical Company (EMN - Free Report) announced that it has entered into an exclusive negotiation for the molecular recycling facility it plans to construct in France, with Port-Jerome-sur-Seine as the preferred location.
This is a significant step toward an important milestone in the company's plan to invest up to $1 billion to build the world's largest material-to-material molecular recycling plant in France. The facility is expected to recycle roughly 160,000 tons of hard-to-recycle polyester waste each year.
Since the announcement of the company's planned investment in January, Eastman conducted a selection process of three potential locations and chose to enter exclusive negotiations with Port-Jerome-sur-Seine authorities in Normandy. This site provides proximity of supply to waste polyester for feedstock, the required space for an expansive facility and the essential infrastructure for operations of this scale. Eastman expects the site to be operational by 2025.
Eastman’s investment is expected to be a major economic driver, enabling France to sustain its leadership role in the circular economy. The project is likely to create employment for roughly 350 people and lead to an additional 1,500 indirect jobs in recycling, energy and infrastructure. The available workforce in Port-Jerome-sur-Seine is another factor that makes it an advantageous location.
Eastman Chemical’s shares have increased 2.7% in the past year compared with 2.6% growth of the industry.
Image Source: Zacks Investment Research
The company, last month, said that it expects first-quarter earnings per share (“EPS”) in the range of $2.05-$2.25. This includes robust earnings in January, reflecting solid underlying business conditions. For full-year 2022, the company reaffirmed its guidance for adjusted EPS between $9.50 and $10. It maintained the earlier-provided segment-level guidance. Specialty copolyesters are reported through the company’s Advanced Materials segment and acetate tow is reported through the Fibers unit.
Eastman Chemical Company Price and Consensus
Eastman Chemical Company price-consensus-chart | Eastman Chemical Company Quote
Zacks Rank & Key Picks
Eastman Chemical currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are The Mosaic Company (MOS - Free Report) , AdvanSix Inc. (ASIX - Free Report) and Allegheny Technologies Incorporated (ATI - Free Report) .
Mosaic has a projected earnings growth rate of 125% for the current year. The Zacks Consensus Estimate for MOS' current-year earnings has been revised 33.3% upward in the past 60 days.
Mosaic’s earnings beat the Zacks Consensus Estimate in three of the last four quarters while missing once. It delivered a trailing four-quarter earnings surprise of roughly 3.7%, on average. MOS has rallied around 109.6% in a year and currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AdvanSix has a projected earnings growth rate of 64.8% for the current year. The ZCE for ASIX’s current-year earnings has been revised 58% upward in the past 60 days.
AdvanSix’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, the average surprise being 23.6%. ASIX has surged 83.9% in a year. The stock sports a Zacks Rank #1.
Allegheny, currently carrying a Zacks Rank #2 (Buy), has an expected earnings growth rate of 661.5% for the current year. The ZCE for ATI's earnings for the current year has been revised 45.6% upward in the past 60 days.
Allegheny’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 127.2%. ATI has rallied around 25.2% over a year.