Eastman Chemical Shares Surge Following Q1 Earnings Blowout (EMN)

By Dividend.com Staff,

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Specialty chemicals maker Eastman Chemical Company ( EMN ) late Thursday said its first quarter profit more than doubled from last year, sending its shares spiking in aftermarket trading.

The Kingsport, TN-based company reported first quarter net income of $220 million, or $3.04 per share, compared with $101 million, or $1.37 per share, in the year-ago period.

Revenue jumped 28% from last year to $1.76 billion, while its gross margin rose almost 25%.

On average, Wall Street analysts expected a much smaller profit of $1.93 per share, on lower revenue of $1.53 billion.

Eastman Chemical shares surged $8, or +7.8%, in premarket trading Friday.

The Bottom Line
Shares of Eastman Chemical ( EMN ) have a 1.83% dividend yield, based on last night's closing stock price of $102.93. The stock has technical support in the $96-$100 price area. The shares are trading near all-time highs and have little overhead resistance.

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 Nasdaq, Inc.

Created by Dividend.com

This article appears in: Investing Stocks
Referenced Stocks: EMN

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