J.P. Morgan Comments on Eastman Chemical Company's Below Consensus Q4 10 EPS (EMN)

J.P. Morgan is out with its report today on Eastman Chemical Company EMN, after EMN reported below consensus Q4 10 EPS. In a note to clients, J.P. Morgan writes, "Eastman reported 4Q:10 EPS from operations of $1.41 versus $1.14 in the year-ago period, and our EPS estimate of $1.50. The Bloomberg Consensus estimate was $1.49 per share. Operating profit of $187M exceeded our estimate of $183M by $4M or $0.04 per share, but was more than offset by a 430 basis point higher tax rate of 35.8% or ($0.13) per share. We note that earnings from operations include an ($0.11) penalty from the non-deductibility of distributions from EMN's deferred compensation plan." J.P. Morgan maintains Overweight on EMN. At the time of posting, shares of EMN were trading at $90.70, down 2.33% from Monday's close.