Eastman Chemical (EMN) To Hike Prices Of Selective Products

By Zacks Investment ResearchStock MarketsFeb 26, 2018 08:36PM ET

www.investing.com/analysis/eastman-chemical-emn-to-hike-prices-of-selective-products-200294649

Eastman Chemical (EMN) To Hike Prices Of Selective Products

By Zacks Investment Research | Feb 26, 2018 08:36PM ET

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Eastman Chemical Company (NYSE:EMN) will raise the list and off-list selling prices of few products. The price hike will be effective from Mar 1 or as contracts permit.

The company will increase the prices of acetic acid all grades, acetic acid dilute and acetic acid-anhydride blend by 2 cents per pound in North and Latin America. In North America, prices of methyl acetate and methyl acetate, high purity grade, will be raised by 5 cents per pound.

Eastman Chemical is taking appropriate pricing actions amid an escalated raw material pricing environment. High selling prices drove revenues in the company’s Chemical Intermediates segment in fourth-quarter 2017.

Eastman Chemical’s shares have rallied 30.3% over a year, outperforming the 19.7% gain of the industry it belongs to.

In the fourth quarter, Eastman Chemical’s reported earnings of $1.62 per share, up from $1.51 in the year ago-quarter. The bottom line surpassed the Zacks Consensus Estimate of $1.06. Revenues rose around 8% year over year to $2,362 million, outpacing the Zacks Consensus Estimate of $2,289.5 million.

In 2018, the company expects to drive growth on the back of growth investments, innovation and high margin products. It also sees modestly lower tax rate to support earnings growth in 2018. Eastman Chemical anticipates raw material and energy prices, especially for olefins, to be volatile this year. The company expects adjusted earnings per share growth in 2018 to be 8-12% year over year.

Meanwhile, Eastman Chemical continues to focus on cost-cutting and productivity actions that are helping it to offset raw material price inflation. The company should also gain from its strategic acquisitions, especially Taminco. Furthermore, it remains committed to reduce debt and boost shareholder returns leveraging strong free cash flows.

Eastman Chemical Company Price and Consensus

Eastman Chemical Company Price and Consensus | Eastman Chemical Company Quote

Zacks Rank & Stocks to Consider

Eastman Chemical carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the chemical space are Methanex Corporation (NASDAQ:MEOH) , Arkema S.A. (OTC:ARKAY) and The Chemours Company (NYSE:CC) .

Methanex has an expected long-term earnings growth rate of 15% and flaunts a Zacks Rank #1 (Strong Buy). Its shares have gained 12.5% over a year. You can see the complete list of today’s Zacks #1 Rank stocks here.

Arkema has an expected long-term earnings growth rate of 13.1% and carries a Zacks Rank #2 (Buy). The company’s shares have rallied 37.7% in a year.

Chemours has an expected long-term earnings growth rate of 15.5% and carries a Zacks Rank #2. Its shares have surged 51% over a year.

Zacks Top 10 Stocks for 2018

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Last year's 2017 Zacks Top 10 Stocks portfolio produced double-digit winners, including FMC Corp (NYSE:FMC). and VMware which racked up stellar gains of +67.9% and +61%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.

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Eastman Chemical Company (EMN): Free Stock Analysis Report

Methanex Corporation (MEOH): Free Stock Analysis Report

Arkema SA (ARKAY): Free Stock Analysis Report

Chemours Company (The) (CC): Free Stock Analysis Report

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Eastman Chemical (EMN) To Hike Prices Of Selective Products

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