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Eastman Chemical

Eastman operateds in four main business segments: Additives & Functional Products, Advanced Materials, Fibers and Chemical Intermediates The Additives & Functional Prdtts segment manufactures chemicals for products in the coatings, tires, consumables, building & construction & industrial applications. The Advanced Materials segment produces and markets polymers, films, and plastics with differentiated performance properties for value-added end uses in transportation, consumables, building and construction, durable goods, and health and wellness markets. The Fibers segment manufactures and sells acetate tow, yarn, flake and triacetin plasticizers for use primarily in the manufacture of cigarette filters and apparel, home furnishings, and industrial fabrics. The Chemical Intermediaries segment takes advantage of the company's vertically integrated position in the cellulose and acetyl, olefins, and alkylamines streams to sell excess intermediates for use in markets such as industrial chemicals and processing, building and construction, health and wellness, and agrochemicals. (06 Jul 2018)

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EMN 3Q18: Materially Advanced, But Weak in Fiber

Earnings Note: 29 Oct 2018, 10:31 PM ET - Advanced Materials continues to drive results against a backdrop of rising raw material inflation while the Fiber segment returned to its old ways following a solid first half of the year.

LIN/PX Merger: Conditional Approval from the FTC

Worth Watching: 22 Oct 2018, 10:22 PM ET - LIN/PX Merger Update: The FTC has granted a conditional approval for the Linde/Praxair merger subject to further asset divestitures. In addition to the assets Linde had already agreed to divest in July 2018, the FTC requires the sale of furthe ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 
Focused

Eastman 2Q18: Stabilizing Fibers

Earnings Note: 30 Jul 2018, 4:10 AM ET - The company's shift of nonwoven product sales to the fibers segment seems to have helped stabilize the previously declining segment. Meanwhile, a portfolio shift to a more specialized product mix is expected to improve margins in 2H18.

Bayer: EC Approves Monsanto Deal, DOJ Remains

Worth Watching: 22 Mar 2018, 10:07 PM ET - Bayer 's (A3/A-) $66 bn acquisition of Monsanto (A3/BBB) was conditionally approved by the European Commission on Wednesday. The regulator's concerns surrounding competition and innovation following the merger seem to have been successfully addr ..

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 

Chemicals Outlook 2018 (Part 6): Petrochemicals

Sector Outlook: 01 Feb 2018, 4:07 AM ET - A significant amount of ethylene derivative capacity is expected to continue to come online throughout 2018, pressuring prices and margins. Companies will attempt to counter the incoming capacity headwinds with rising plant utilization.

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

Chemicals 2018 Outlook (Part 4): Fertilizers

Sector Outlook: 24 Jan 2018, 11:05 AM ET - The fertilizers' industry remains oversupplied and we expect the trend to persist over the next twelve months. Stable prices are expected as new capacity is coupled with supply management.

Chemicals 2018 Outlook (Part 3): Industrial Gases

Sector Outlook: 21 Jan 2018, 10:14 PM ET - Improving PMI trends not only in North America, but also globally, bode well for Industrial Gas demand in 2018 and will perhaps help mark an end to the protracted period of decline in gas project backlogs.

Chemicals 2018 Outlook (Part 2): The Majors

Sector Outlook: 18 Jan 2018, 10:53 PM ET - M&A is still key within the Majors names as DWDP begins to deliver its promised synergies, Bayer looks to close the Monsanto deal, and BASF continues to opportunistically pick up assets, while riding momentum from its Chemical Segment.
Focused

Chemicals 2018 Outlook (Part 1): Specialty Chems

Sector Outlook: 17 Jan 2018, 11:12 PM ET - M&A is likely to play a large role for Specialty Chem names in 2018 as they seek exposure to higher margin products and emerging markets while rising raw materials costs may make it tricky for margins to navigate the year unscathed.

Olin 3Q17: Chlor-Alkali Drives Growth

Earnings Note: 31 Oct 2017, 7:42 PM ET - We reiterate our Outperform recommendation on Olin due to the positive trends in Chlor-Alkali Vinyls (CAV) as well as the near term focus on reducing leverage.
Focused

Eastman 3Q17: Explosion & Weak Tow

Earnings Note: 30 Oct 2017, 7:39 PM ET - Eastman had very good third quarter, with sales and adj. EBITDA up 8% yoy and 15% yoy to $2.46 bn and $608 mn, respectively, despite having to overcome a number of negative unexpected events and ongoing headwinds within the Fibers segment.

Celanese 3Q17: Solid, Despite Harvey Headwinds

Earnings Note: 18 Oct 2017, 11:29 PM ET - Celanese had a strong quarter despite Hurricane Harvey disruptions and Acetate Tow weakness on the continued gradual secular decline of the Cigarette market.

US IG Strategy Basic Industries: After the Storms

Sector Weightings: 14 Sep 2017, 4:44 AM ET - We present a review of Basic Industries returns, as well as some commentary around the impact of Harvey and Irma. 

IG Basic Industries: Mid-Year Review

Sector Weightings: 14 Jul 2017, 5:30 AM ET - We review 1H17 performance for Basics compared to our outlooks, and then set the course for the remainder of the year, including some key themes and sector picks.

Trends in Chems: Focus On Petrochemicals

Trends in Chems: 25 Jun 2017, 11:05 PM ET - We take a fresh look at the outlook for North American ethylene and polyethylene in light of expected project delays and cancellations.

US IG Sector Recs: A Very "In Line" April

Sector Weightings: 09 May 2017, 5:22 AM ET - After a weak March the IG index returned to positive territory, but most sectors reported excess return within +/- 5bp of the overall index. We discuss performance and update our sector recommendations. 

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