Eastman Chemical (NYSE:EMN) Posts Earnings Results, Misses Estimates By $0.08 EPS

Key Points

• Eastman Chemical reported quarterly EPS of $1.84, missing the $1.92 consensus estimate by $0.08. Revenue was $2.38 billion, also below expectations, but increased 8.3% year over year.
• The stock rose 2.0% to $68.00 following the results. Eastman also paid a quarterly dividend of $0.84, equivalent to a 4.9% annualized yield.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $74.64; recent target adjustments ranged from $65 to $77.

Eastman Chemical (NYSE:EMN - Get Free Report) announced its quarterly earnings results on Thursday. The basic materials company reported $1.84 EPS for the quarter, missing the consensus estimate of $1.92 by ($0.08), FiscalAI reports. The firm had revenue of $2.38 billion for the quarter, compared to analysts' expectations of $2.41 billion. Eastman Chemical had a net margin of 4.99% and a return on equity of 9.46%. The business's quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.14 EPS.

Eastman Chemical Stock Up 2.0%

Eastman Chemical stock traded up $1.33 during trading hours on Thursday, reaching $68.00. The stock had a trading volume of 1,726,429 shares, compared to its average volume of 1,500,569. The company has a market cap of $7.78 billion, a price-to-earnings ratio of 17.71, a PEG ratio of 0.86 and a beta of 1.06. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.50 and a quick ratio of 0.76. The business's 50 day moving average price is $67.00 and its 200-day moving average price is $70.93. Eastman Chemical has a 52 week low of $56.11 and a 52 week high of $83.47.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 7th. Shareholders of record on Tuesday, September 15th were paid a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 4.9%. The ex-dividend date was Tuesday, September 15th. Eastman Chemical's payout ratio is 87.50%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $74.00 target price on shares of Eastman Chemical in a report on Monday, August 3rd. Weiss Ratings restated a "hold (c)" rating on shares of Eastman Chemical in a report on Thursday, August 13th. UBS Group lowered their price target on shares of Eastman Chemical from $92.00 to $77.00 and set a "buy" rating for the company in a research report on Monday, October 5th. Royal Bank Of Canada dropped their price objective on shares of Eastman Chemical from $74.00 to $65.00 and set a "sector perform" rating on the stock in a research note on Tuesday, October 13th. Finally, KeyCorp began coverage on shares of Eastman Chemical in a research note on Thursday, September 10th. They set a "sector weight" rating on the stock. Six analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $74.64.

Eastman Chemical Company Profile

Eastman Chemical Company NYSE: EMN is a global specialty materials and chemicals company that develops and manufactures products used in transportation, building and construction, consumer goods, medical products, packaging, and other industrial applications. Its portfolio includes specialty plastics, coatings, adhesives, fibers, additives, intermediates, and other performance materials.

The company's products are designed to provide properties such as durability, chemical resistance, lightweight performance, clarity, and enhanced functionality.

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