Eastman Earnings Higher, but Outlook Is Lower
Specialty chemical-maker Eastman reported earnings after the bell today that beat analyst estimates for its third quarter. Eastman posted adjusted earnings per share of $1.68, which was better than analyst expectations by $0.04 in the period.
Revenue of $2.3 billion was up 3.5% year over year, and was in line with Wall Street's predictions. Higher sales volumes for its additives and functional products, and advanced Materials segments, partially offset lower sales revenue in adhesives and plasticizers.
Going forward, Eastman says the fourth quarter remains strong, but it lowered its full-year outlook to between $6.30 and $6.40 per share, below its prior guidance of between $6.40 and $6.50 per share, and under analyst estimates of $6.48. Challenges in the adhesives and plasticizers segment, as well as higher raw material and energy costs, will continue to weigh on the specialty chemical maker's performance.
The article Eastman Earnings Higher, but Outlook Is Lower originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.