Eastman Chemical (NYSE:EMN) Announces Quarterly Earnings Results, Beats Expectations By $0.13 EPS

Eastman Chemical (NYSE:EMN) posted its quarterly earnings results on Thursday. The basic materials company reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.13 by $0.13, Briefing.com reports. The business had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. Eastman Chemical’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter last year, the company posted $1.47 earnings per share. Eastman Chemical updated its FY 2024 guidance to 7.500-7.700 EPS.

Eastman Chemical Price Performance

Eastman Chemical stock traded down $4.01 during mid-day trading on Friday, reaching $101.08. 1,789,180 shares of the company were exchanged, compared to its average volume of 942,628. The firm has a market cap of $11.81 billion, a PE ratio of 13.62, a PEG ratio of 0.80 and a beta of 1.44. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. The company has a fifty day simple moving average of $105.79 and a 200-day simple moving average of $100.95. Eastman Chemical has a 12 month low of $74.31 and a 12 month high of $114.50.

Wall Street Analysts Forecast Growth

EMN has been the subject of several research analyst reports. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. Wells Fargo & Company upped their price objective on shares of Eastman Chemical from $105.00 to $118.00 and gave the company an “equal weight” rating in a report on Tuesday, October 15th. Mizuho raised their target price on shares of Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday. Piper Sandler reiterated a “neutral” rating and issued a $105.00 price target on shares of Eastman Chemical in a research note on Tuesday, July 30th. Finally, StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $112.07.

Eastman Chemical Company Profile

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.