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Eastman Beats Street on Higher Sales Volumes, Selling Prices
3:37 PM MDT | April 22, 2010 | Lindsey Bewley
Eastman Chemical reported first-quarter net income of $101 million, or $1.37/share, compared with $2 million, or 3 cts/share, for the year-ago period. Earnings per share are well above analyst expectations of $1.29, as reported by Thomson Reuters (New York). Sales rose 39%, to $1.6 billion, due to higher sales volume, a favorable shift in product mix, and higher selling prices. “The higher sales volume was due primarily to improved customer demand compared with the depressed levels in first quarter 2009 and the increase in selling prices was in...
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