WASHINGTON (dpa-AFX) - Eastman Chemical (EMN) released a profit for its fourth quarter that increased from the same period last year and beat the Street estimates.
The company's bottom line came in at $310 million, or $2.61 per share. This compares with $1 million, or $0.01 per share, in last year's fourth quarter.
Excluding items, Eastman Chemical reported adjusted earnings of $155 million or $1.31 per share for the period.
Analysts on average had expected the company to earn $1.30 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 6.8% to $2.21 billion from $2.37 billion last year.
Eastman Chemical earnings at a glance (GAAP) :
-Earnings (Q4): $310 Mln. vs. $1 Mln. last year. -EPS (Q4): $2.61 vs. $0.01 last year. -Analyst Estimate: $1.30 -Revenue (Q4): $2.21 Bln vs. $2.37 Bln last year.
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