Eastman Chemical Earnings:Here’s Why the Stock is Down Now
Eastman Chemical Co. (NYSE:EMN) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 0.03%.
Eastman Chemical Co. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 32.79% to $1.62 in the quarter versus EPS of $1.22 in the year-earlier quarter.
Revenue: Rose 26.69% to $2.31 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Eastman Chemical Co. reported adjusted EPS income of $1.62 per share. By that measure, the company beat the mean analyst estimate of $1.57. It missed the average revenue estimate of $2.37 billion.
Quoting Management: “Our portfolio of specialty businesses continued to deliver strong earnings in the first quarter despite uncertain global economic conditions,” said Jim Rogers, Chairman and CEO. “For full year 2013, we remain on track to achieve a fourth consecutive year of double-digit earnings growth while also generating strong cash flow.”
Key Stats (on next page)…