Eastman Chemical Company (EMN) delivered EPS of $2.52, significantly beating the Zacks Consensus Estimate of $1.97. Revenues of $1.8 billion, which outpaced the Zacks Consensus Estimate of $1.5 billion, were driven by higher sales volume and increased selling prices.
Eastman Chemical’s revenue increased by double digits in all regions and the growth was driven by the company’s growth initiatives as well as the rebound in the global economy. EMN is also upbeat about the restart of an olefin cracking unit, lower interest expense, its full-year results from the company’s Genovique Specialties acquisition and its acetate tow expansion in Korea.
In the second quarter, earnings per share are expected to be slightly better than the first quarter. Based on the strong first quarter results and the second quarter outlook, we are maintaining our Outperform recommendation and a target price of $129.00.
EASTMAN CHEM CO (EMN): Free Stock Analysis Report
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