Eastman Chemical Q2 Profit Surges 43%, Beating View; Forecast Raised (EMN)

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Chemicals, plastics, and fibers maker Eastman Chemical Company ( EMN ) on Friday posted better-than-expected second quarter earnings and boosted its full-year outlook.

The Kingsport, TN-based company reported second quarter net income of $211 million, or $2.91 per share, compared with $148 million, or $2.02 per share, in the year-ago period. Adjusted profit from continuing operations was $2.76 per share.

Net sales jumped 26% from last year to $1.89 billion.


On average, Wall Street analysts expected a smaller profit of $2.62 per share on lower revenue of $1.81 billion.

Looking ahead, the company forecast third quarter earnings would come in slightly higher than $2.22 per share. For the full year, it expects earnings slightly higher than $9.25 per share, up from a prior outlook of $9.

Analysts currently expect $2.35 per share for the third quarter and $9.31 per share for the full year.

Eastman Chemical shares were unchanged in premarket trading Friday.

The Bottom Line
Shares of Eastman Chemical ( EMN ) have a 1.88% dividend yield, based on last night's closing stock price of $100.16. The stock has technical support in the $90-$95 price area. The stock is trading near all-time highs around the $106-$110 price range.

Eastman Chemical Company ( EMN ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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