KINGSPORT, Tenn. (AP) — Eastman Chemical Co. (EMN) on Thursday reported fourth-quarter net income of $32 million.
The Kingsport, Tennessee-based company said it had net income of 23 cents per share. Earnings, adjusted for non-recurring costs, came to $1.69 per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.53 per share.
The specialty chemicals maker posted revenue of $2.19 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $2.14 billion.
For the year, the company reported profit of $478 million, or $3.50 per share. Revenue was reported as $8.47 billion.
Eastman Chemical shares have dropped slightly since the beginning of the year, while the Standard & Poor’s 500 index has risen nearly 1%. In the final minutes of trading on Thursday, shares hit $99.92, an increase of 42% in the last 12 months.
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