EMN - Eastman Chemical Shares Rally 18% in 6 Months: Here's Why | Benzinga
Eastman Chemical Company's (NYSE: EMN) shares have shot up 18% over the past six months. The company has also outperformed its industry's rise of 9.7% over the same time frame. Moreover, it has topped the S&P 500's around 15% rise over the same period.
Let's take a look into the factors behind this Zacks Rank #3 (Hold) stock's price appreciation.
Image Source: Zacks Investment Research
What's Working in EMN's Favor?
Strong first-quarter 2024 results and upbeat prospects have contributed to the run-up in the company's shares. EMN's adjusted earnings of $1.61 per share trounced the Zacks Consensus Estimate of $1.41. Revenues of $2,310 million for the quarter also beat the Zacks Consensus Estimate of $2,259.2 million. The company benefited from a return to primary demand for many of its specialty products in the Advanced Materials and Additives & Functional Products segments.
Eastman is benefiting from its innovation-driven growth model and actions to manage costs. It is expected to benefit from lower operating costs from its ...