S&P 500 (NYSE:SPY) component Eastman Chemical Co. (NYSE:EMN) reported net income above Wall Street’s expectations for the second quarter. Eastman Chemical Co. is a global company which manufactures and sells chemicals, plastics, and fibers products to customers in seven countries.
Eastman Chemical Earnings Cheat Sheet for the Second Quarter
Results: Net income for the chemicals company rose to $211 million ($2.91 per share) vs. $148 million ($2.02 per share) in the same quarter a year earlier. This marks a rise of 42.6% from the year earlier quarter.
Revenue: Rose 25% to $1.89 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: EMN reported adjusted net income of $2.76 per share. By that measure, the company beat the mean estimate of $2.60 per share. It beat the average revenue estimate of $1.81 billion.
Quoting Management: “For the second consecutive quarter, we reported record earnings, and we are on track to report record annual earnings for this year,” said Jim Rogers, Chairman and CEO. “This performance demonstrates the strength of our portfolio of businesses, including innovative new products and the benefits of geographic and end-market diversity. I remain confident that the combination of growth in our core businesses and our disciplined capital allocation will continue this track record of annual earnings growth over the next several years.”
The company has now beaten estimates the last two quarters. In the first quarter, it topped expectations with net income of $2.52 versus a mean estimate of net income of $1.97 per share.
The company’s revenue has now risen for two straight quarters. In the first quarter, revenue increased 12.4% to $1.76 billion from the year earlier quarter.
Competitors to Watch: The Dow Chemical Company (NYSE:DOW), PolyOne Corporation (NYSE:POL), FMC Corporation (NYSE:FMC), Ashland Inc. (NYSE:ASH), A. Schulman, Inc. (NASDAQ:SHLM), Westlake Chemical Corp. (NYSE:WLK), Huntsman Corporation (NYSE:HUN), Kraton Performance Polymers Inc (NYSE:KRA), E.I. du Pont de Nemours & Co. (NYSE:DD), and Albemarle Corporation (NYSE:ALB).
(Source: Xignite Financials)