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Eastman Chemical Co - Stock Quote EMN

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Raising Eastman FVE to $140 On Higher Near-Term Outlook Despite Plant Shutdown; Shares Undervalued

Seth Goldstein, CFA Senior Equity Analyst

Analyst Note

| Seth Goldstein, CFA |

Eastman reported decent first-quarter results despite an incident at one of the company's plants that forced a temporary shutdown for some of the quarter. Adjusted EBIT was down nearly 9% year over year versus the prior-year quarter. However, when excluding management's estimated impact of the shutdown, adjusted EBIT would have risen nearly 23%. Management expects to recover most of the lost sales and profits, which primarily affected the advanced materials segment, through higher volumes in the remainder of the year. We think this is achievable as the plant is back up and running.

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Eastman Chemical Co's Company Profile

Business Description

Established in 1920 to produce chemicals for Eastman Kodak, Eastman Chemical has grown into a global specialty chemicals with manufacturing sites around the world. The company generates the majority of its sales outside of the United States, with a strong presence in Asian markets. During the past several years, Eastman has sold noncore businesses, choosing to focus on higher-margin specialty product offerings.

200 South Wilcox Drive
Kingsport, TN, 37662
T +1 423 229-2000
Sector Basic Materials
Industry Specialty Chemicals
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 14,000

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