Eastman Reports Solid 4Q; We Increase Our FVE to $77 on Revised Tax Assumptions
Eastman Chemical reported solid fourth-quarter results as volume growth more than offset continued headwinds in the fibers segment. Operating earnings grew 5% year on year to $354 million during the quarter. We are increasing our fair value estimate to $77 per share from $73 as we lower our long-term assumptions for Eastman’s effective tax rate to 19% from 21%, the result of refining our estimate for the impact of U.S. tax reform. The rest of our long-term outlook is essentially unchanged. Our n...
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