Eastman Chemical Invests In Paint Protection Film Patterns

Eastman Chemical Company’s (NYSE:EMN) Performance Films, LLC — a part of its Advanced Materials business segment — made an investment in leading 3D scanning technology for paint protection film patterns.

The next-generation enhancement will help to transform the process of pattern development. The technology will help to achieve previously unattainable levels of accuracy and speed.

Deployment of 3D scanning technology is expected to rapidly uplift the company’s current database of paint protection film patterns. Moreover, the rate of trim additions and new model to the database will be accelerated with better-quality precision.

The innovative 3D scanning technology employs lasers to capture the shape of any vehicle as flexible data. Eastman Chemical’s latest move highlights commitment to develop world-class paint protection film offering.

Eastman Chemical’s shares have lost 33.5% in the past year compared with 32.8% decline of the industry.

The company delivered adjusted earnings per share (EPS) of $1.77 in the first quarter, down from $2.23 in the year ago-quarter. The figure also trailed the Zacks Consensus Estimate of $1.91.

Eastman Chemical expects strong earnings growth in the second quarter on a sequential comparison basis. However, the company expects the difficult global business environment to continue through first-half 2019.

It is undertaking additional cost reduction actions in the wake of a challenging business environment. The company expects global economy to strengthen in the second half of 2019. The company continues to expect adjusted EPS growth of 6-10% in 2019.

Zacks Rank & Key Picks

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

Some better-ranked stocks in the basic materials space are Materion Corporation (NYSE:MTRN) , Fortescue Metals Group Ltd. (OTC:FSUGY) and AngloGold Ashanti Limited (NYSE:AU) , all currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Materion has an expected earnings growth rate of 23.1% for 2019. The company’s shares have gained 18.2% in the past year.

Fortescue Metals has an expected earnings growth rate of 101.5% for the current year. The company’s shares have surged 58.9% in a year’s time.

AngloGold has an expected earnings growth rate of 86.8% for 2019. Its shares have rallied 38.1% in a year’s time.

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