Eastman Chemical Company (NYSE:EMN) has posted higher third trimester earnings, helped by the increase in sales of its additives and advanced materials. The increase helped the company recover from the lower income it earned from the adhesives and plasticizers unit.
In this trimester the company earned $1.97 per share, which is higher than the 99 cents per share in it earned in the previous trimester this year. Its total income went up by 3 percent to $2.34 billion from $2.26 billion. Leaving out the influence of special goods the companies earning per share $1.68 per share. Researchers spoken to by FactSet were expecting the revenue of the company to be $1.64 per share on total income of $2.34 billion.
In other news the company has also announced that it’s adding one more product to its basket of products in the non-phthalate plasticizer category. The new product is called Eastman Versafix™ plasticizer and it is meant for adhesives that are based on water. The new product has been formed to give necessary viscosity control and increase low-temperature efficiency of water-based adhesives, it helps glue elasticity that they very badly need.
It is a flexible solution that does not require many changes in the process of formation. It is best used in processes like paper and cardboard tube winding; woodworking and cabinetry; consumer craft and wood glue; box and carton assembly; bag manufacturing; envelopes and labels; and laminates.
Carlos Alvarado, Eastman’s Specialty Plasticizers business manager, speaking on the launch of the product said, “Production costs are rising which are creating new tests for adhesive creators who are trying to control their costs without diluting the performance of the goods they produce. We are rising to this test and offering goods that will help them meet them. The new product is a non-phthalate solution that can help increase the work load. When the new product is used for adhesives that are water based, it includes improved open and set times, meeting FDA food contact clearances, while also providing alleviated the processing time and reduces the cost of production.”
