Eastman Chemical Outlook Beats Expectations
The Associated Press reports that Eastman Chemical Co. expects to earn nearly $8 a share for 2011, and nearly $2 a share during the first quarter, setting the bar higher than analysts expected. Analysts surveyed by FactSet were expecting the company to earn $7.94 for the year and $1.80 during the first quarter. The company also said it expected to boost its annual earnings growth rate to more than 10 percent between 2010 and 2013, and expects to earn nearly $10 per share by 2013. Analysts expect $9.35 a share. The company, which makes everything from adhesives to components for LCD screens, said its specialty plastics division will be pinched by higher costs in 2011 but will boost its operating earnings by more than 50 percent in 2013 compared with 2010.