Eastman Chemical: 2Q Earnings Snapshot
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.