S&P 500 (NYSE:SPY) component Eastman Chemical Co. (NYSE:EMN) reported net income above Wall Street’s expectations for the first 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 First Quarter
Results: Net income for the chemicals company rose to $220 million ($3.04/share) vs. $101 million ($1.37/share) in the same quarter a year earlier. A more than twofold rise from the year earlier quarter.
Revenue: Rose 12.4% to $1.76 billion YoY.
Actual vs. Wall St. Expectations: EMN beat the mean analyst estimate of $1.93/share. Estimates ranged from $1.77 per share to $2.06 per share.
Quoting Management: “We continue to demonstrate that we have established a new level of earnings performance for the company,” said Jim Rogers, chairman and CEO. “We grew volume year over year in every business segment and in every region of the world. Furthermore, we remain well positioned for future growth with our solid balance sheet, which was further strengthened by the cash from the sale of the PET business.”
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).
Today’s Performance: Shares of EMN are unchanged in after hours trading.