Eastman Chemical Q1 Profit Decreases, misses estimates

(RTTNews) - Eastman Chemical (EMN) reported a profit for first quarter that decreased from last year and missed the Street estimates.

The company's earnings came in at $235 million, or $1.80 per share. This compares with $274 million, or $1.99 per share, in last year's first quarter.

Excluding items, Eastman Chemical reported adjusted earnings of $269 million or $2.06 per share for the period.

Analysts on average had expected the company to earn $2.11 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 12.4% to $2.71 billion from $2.41 billion last year.

Eastman Chemical earnings at a glance (GAAP) :

-Earnings (Q1): $235 Mln. vs. $274 Mln. last year. -EPS (Q1): $1.80 vs. $1.99 last year. -Analyst Estimates: $2.11 -Revenue (Q1): $2.71 Bln vs. $2.41 Bln last year.

-Guidance: Full year EPS guidance: Adj; $9.50 - $10.00