Chemicals, plastics, and fibers maker Eastman Chemical Company (
) 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
The Bottom Line
Shares of Eastman Chemical (
) 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 (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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