Eastman Chemical Q3 Profit Easily Beats View; Revenue Misses; Forecast Raised Above Estimates (EMN)
Chemicals maker Eastman Chemical Company (EMN) late Thursday posted better-than-expected third quarter earnings and raised its full-year outlook.
The Kingsport, TN-based company reported adjusted third quarter net income of $1.57 per share, up more than 24% from $1.26 per share in the year-ago period.
Revenue rose 25% from last year to $2.26 billion.
On average, Wall Street analysts expected a much smaller profit of $1.42 per share, albeit on higher revenue of $2.36 billion.
Looking ahead, EMN boosted its full-year 2012 earnings outlook to a range of $5.30 to $5.40 per share, up from a previous forecast of $5.30. Analysts currently expect $5.26 per share for the year.
Eastman Chemical shares were mostly flat in premarket trading Friday.
The Bottom Line
Shares of Eastman Chemical (EMN) have a 1.94% dividend yield, based on last night’s closing stock price of $53.65. The stock has technical support in the $48-$50 price area. If the shares can firm up, we see overhead resistance around the $55-$59 price levels.
Eastman Chemical Company (EMN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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