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Eastman Chemical: 2Q Earnings Snapshot

July 25, 2019

KINGSPORT, Tenn. (AP) _ Eastman Chemical Co. (EMN) on Thursday reported second-quarter earnings of $258 million.

On a per-share basis, the Kingsport, Tennessee-based company said it had net income of $1.85. Earnings, adjusted for one-time gains and costs, were $1.99 per share.

The results missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.09 per share.

The specialty chemicals maker posted revenue of $2.36 billion in the period, which also fell short of Street forecasts. Four analysts surveyed by Zacks expected $2.54 billion.

Eastman Chemical expects full-year earnings in the range of $7.50 to $8 per share.

Eastman Chemical shares have increased 10% since the beginning of the year, while the Standard & Poor’s 500 index has risen 20%. In the final minutes of trading on Thursday, shares hit $80.63, a decrease of 21% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EMN at https://www.zacks.com/ap/EMN

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