Eastman Chemical (EMN) recently announced its first-quarter earnings, which not only showed an increase compared to last year but also exceeded the predictions made by Wall Street.
In the reporting period, Eastman Chemical's profit amounted to $165 million, amounting to $1.39 per share. This serves as a significant increase from $134 million, or $1.12 per share which the company earned in the first quarter of the previous year.
After excluding specific items, the firm's adjusted earnings for the timeframe were calculated as $190 million, or $1.61 per share. On average, industry analysts had anticipated that Eastman Chemical would generate earnings of about $1.43 per share, according to data collated by Thomson Reuters. However, these predictions usually omit unique items.
In the same period, the company's revenue dipped slightly by 4.1%. This saw it reduce to $2.31 billion from the previous year's first-quarter revenue of $2.41 billion.
Here's a quick overview of Eastman Chemical's earnings based on Generally Accepted Accounting Principles (GAAP): Earnings for Quarter 1 were $165 million, up from $134 million last year. Earnings per Share (EPS) for Quarter 1 were $1.39, a rise from last year's $1.12. The revenue for Quarter 1 stands at $2.31 billion, slightly lower than last year's $2.41 billion.
