EMN - Eastman Chemical declines after earnings miss on lower demand

Eastman Chemical ( NYSE: EMN ) on Friday declined, a day after reporting earnings and revenue that missed estimates. Its stock declined 6.2% to $86.05 a share by 1:30 p.m. ET.

Adjusted EPS fell 51% from the prior year to $0.89 in Q4, compared with the Wall Street’s estimate of $1.24. Revenue declined 12% from a year earlier to $2.37 billion, compared with the consensus estimate for $2.42 billion.

“We ended the year with a challenging fourth quarter primarily due to lower demand in key end markets and geographies, customer inventory destocking beyond normal seasonality, and limited benefit from lower raw material and energy costs in this reduced demand environment,” Mark Costa, board chair and CEO, said in a statement.

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