Eastman (EMN) and Swiss Eyewear to Launch INVU Collection
Eastman Chemical Company EMN and Swiss Eyewear Group (“SEG”) have collaborated to launch SEG's INVU 10th anniversary eyewear collection with Tritan Renew. Eastman’s Tritan Renew is used in every frame of the innovative eyewear series. The collection also includes a selection of polarized lenses that will enhance style while protecting eyes with unmatched clarity.
INVU by SEG has established itself as an industry leader, consistently pushing the limits of frame and lens materials while remaining affordable to consumers. By collaborating with Eastman, SEG, a major eyewear maker, is taking a huge step toward fulfilling its promise to provide better sustainability for a premium consumer experience with a clear conscience. Eastman and SEG are changing the face of eyewear fashion, guaranteeing that looking and feeling good go hand in hand.
SEG selected Tritan Renew because it is a one-of-a-kind material that combines remarkable, environmentally friendly properties without imposing manufacturing limits. Tritan Renew, which has 50% certified recycled content generated from hard-to-recycle waste, performs like virgin material.
Eastman is opening the world's largest material-to-material molecular recycling facility in Kingsport, TN. The facility can recycle roughly 110,000 metric tons (MT) of plastics per year. The opening of this plant strengthens Eastman's capacity to meet its objective of recycling 225,000 MT of plastic waste annually by 2030.
Shares of Eastman have lost 5.1% over the past year compared with a 19.9% decline of its industry.
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The company, on its third-quarter call, stated that it is seeing muted demand in the fourth quarter as customers are cautious in the prevailing challenging environment. In addition, it anticipates regular seasonality in key end markets, including building and construction, consumer durables and performance films for automotive applications. It expects EPS for 2023 to be between $6.30 and $6.50. Furthermore, EMN anticipates delivering $1.4 billion in operating cash flow for full-year 2023.
Eastman Chemical Company Price and Consensus
Eastman Chemical Company price-consensus-chart | Eastman Chemical Company Quote
Zacks Rank & Key Picks
Eastman currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include, Cameco Corporation CCJ, Carpenter Technology Corporation CRS and Alpha Metallurgical Resources Inc. AMR.
Cameco, carrying a Zacks Rank #1 (Strong Buy), has a projected earnings growth rate of 188% for the current year. The Zacks Consensus Estimate for CCJ’s current-year earnings has been revised upward by 12.5% in the past 60 days. The stock is up around 71.3% in a year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology currently carries a Zacks Rank #1. CRS beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, with the average earnings surprise being 12.2%. The company’s shares have soared 31.1% in the past year.
The Zacks Consensus Estimate for AMR’s current-year earnings has been revised upward by 69% in the past 60 days. It currently carries a Zacks Rank #1. AMR delivered a trailing four-quarter earnings surprise of roughly 9.6%, on average. AMR shares are up around 150.6% in a year.
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