Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Eastman Chemical (NYSE:EMN) reported better-than-expected first-quarter earnings after the closing bell on Thursday.
Eastman Chemical posted adjusted earnings of $1.61 per share, beating market expectations of $1.43 per share. The company's quarterly sales came in at $2.310 billion versus estimates of $2.293 billion, according to data from Benzinga Pro.
“We delivered strong sequential earnings growth in the first quarter, above the high-end of our initial expectations,” said Mark Costa, Board Chair and CEO. “In the first quarter, we were encouraged to see continued evidence that inventory destocking is complete across most of our key end markets including consumer durables, building and construction, and personal care. Sales volume/mix improved 4 percent sequentially as demand for our products appears to be reconnecting to primary end-market demand. We are also incredibly proud to have achieved on spec production and revenue generation at our Kingsport methanolysis facility.”
Eastman Chemical affirmed FY2024 adjusted earnings guidance of $7.25 to $8.00 per share.
Eastman Chemical shares fell 0.6% to close at $95.56 on Friday.
These analysts made changes to their price targets on Eastman Chemical following earnings announcement.
- B of A Securities cut the price target on Eastman Chemical from $113 to $112. B of A Securities analyst Steve Byrne maintained a Buy rating.
- Jefferies increased the price target on Eastman Chemical from $102 to $125. Jefferies analyst Laurence Alexander upgraded the stock from Hold to Buy.
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