Eastman Chemical (NYSE:EMN) reported on Thursday first quarter earnings that beat analysts' forecasts and revenue that fell short of expectations.
Eastman Chemical announced earnings per share of $2.03 on revenue of $2.24B. Analysts polled by anticipated EPS of $1.72 on revenue of $2.26B. That with comparison to EPS of $1.77 on revenue of $2.38B in the same period a year before. Eastman Chemical had reported EPS of $1.42 on revenue of $2.21B in the previous quarter. Analysts are expecting EPS of $1.41 and revenue of $1.97B in the upcoming quarter.
Eastman Chemical shares are down 23% from the beginning of the year , still down 27.96% from its 52 week high of $83.99 set on November 8, 2019. They are under-performing the S&P 500 which is down 10.24% year to date.
Eastman Chemical follows other major Basic Materials sector earnings this month
Eastman Chemical's report follows an earnings missed by Air Products on April 23, who reported EPS of $2.04 on revenue of $2.22B, compared to forecasts EPS of $2.08 on revenue of $2.16B.
Sherwin-Williams had beat expectations on Wednesday with first quarter EPS of $4.08 on revenue of $4.15B, compared to forecast for EPS of $3.92 on revenue of $4.13B.
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