Eastman Chemical Company (EMN) reported after the close on Thursday that it saw a 56% rise in first quarter net income on 27% higher revenues. Earnings per share beat Wall Street estimates; however, revenue missed the consensus views.
The Kingsport, Tennessee-based company said it earned $247 million, or $1.57 per share, in the first quarter, up from $158 million, or $1.12 per share, in the same period a year ago.
Adjusting for certain items, earnings rose to $1.62 per share in the first quarter, up from $1.22 per share in the first quarter of 2012. On average, analysts expected the company to earn an adjusted $1.57 per share in the quarter, according to those polled by Thomson Reuters.
The company’s sales revenue grew 27% to $2.31 billion in the quarter, up from $1.82 billion last year. Analysts were expecting the company to see $2.37 billion in revenues.
Going forward, the company is maintaining its full year 2013 earnings outlook; Eastman expects to earn between $6.30 and $6.40 per share. Analysts expect the company to earn $6.41 per share for 2013.
“Our portfolio of specialty businesses continued to deliver strong earnings in the first quarter despite uncertain global economic conditions,” said Jim Rogers, Chairman and CEO. “For full year 2013, we remain on track to achieve a fourth consecutive year of double-digit earnings growth while also generating strong cash flow.”
Eastman Chemical shares were inactive during pre-market trading on Friday. The stock is up +4.11% year-to-date.
The Bottom Line
Shares of Eastman Chemical (EMN) have a dividend yield of 1.65% based on last night’s closing price of $72.65 and the company’s annualized dividend payout of $1.20 per share.
Eastman Chemical Company (EMN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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