Eastman Chemical Company (EMN) Releases Earnings Results, Misses Expectations By $-0.05 EPS

Eastman Chemical Company (EMN) reported quarterly earnings results on Thursday, Jul-28-2016. The company reported $1.68 earnings per share for the quarter, missing the analyst consensus estimate by $-0.05. Analysts had a consensus of $1.73. The company posted revenue of $2297.00 million in the period, compared to analysts expectations of $2356.05 million. The company’s revenue was down -9.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.01 EPS.

Many Wall Street Analysts have commented on Eastman Chemical Company. Eastman Chemical Company was Initiated by Susquehanna to “Positive” on Jul 1, 2016. Shares were Reiterated by RBC Capital Mkts on Jun 27, 2016 to “Outperform” and Lowered the Price Target to $ 83 from a previous price target of $85 .Company shares were Reiterated by RBC Capital Mkts on May 2, 2016 to “Outperform”, Firm has raised the Price Target to $ 85 from a previous price target of $83 .

Eastman Chemical Company opened for trading at $69.84 and hit $70.82 on the upside on Thursday, eventually ending the session at $70.37, with a gain of 0.07% or 0.05 points. The heightened volatility saw the trading volume jump to 13,90,575 shares. Company has a market cap of $10,403 M.

In a different news, on May 11, 2016, Mark J Costa (Chief Executive Officer) sold 38,400 shares at $75.21 per share price. According to the SEC, on May 6, 2016, Scott V. King (CAO & Controller) sold 12,000 shares at $75.47 per share price. On Feb 26, 2016, Ronald Carter Lindsay (Chief Operating Officer) sold 55,000 shares at $64.33 per share price, according to the Form-4 filing with the securities and exchange commission.

Eastman Chemical Company (Eastman) is a specialty chemicals company that produces a range of advanced materials chemicals and fibers. The Company operates through five segments: Additives & Functional Products (AFP) Adhesives & Plasticizers (A&P) Advanced Materials (AM) Fibers and Specialty Fluids & Intermediates (SFI). The Company manufactures chemicals for products in the coatings and tires industries in transportation building and construction durable goods and consumables markets in the Additives & Functional Products segment. The Company’s A&P segment focuses on producing intermediate chemicals. The Company’s the AM segment produces and markets specialty copolyesters cellulose esters interlayers. In the Fibers segment Eastman manufactures and sells Estron acetate tow and Estrobond triacetin plasticizers. The Company’s SFI segment offers products such as acetyl chemical intermediates olefin derivatives specialty fluids and alkylamines.

Eastman Chemical Company

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