Eastman faces shrinking petrochemical margins.
Eastman reported third-quarter results that were in line with our expectations. Higher volumes drove 11% operating earnings growth year on year to $460 million during the quarter. With no changes to our long-term thesis, we maintain our $73 per share fair value estimate and no-moat rating.In the additives and functional products segment, operating earnings grew 16% versus the third quarter of 2016 to $186 million. The increase was primarily due to 14% volume growth. The segment, which accounts ...
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