Eastman Chemical Q4 Profit Increases, but misses estimates

(RTTNews) - Eastman Chemical (EMN) announced a profit for its fourth quarter that increased from last year but missed the Street estimates.

The company's bottom line totaled $378 million, or $2.81 per share. This compares with $32 million, or $0.23 per share, in last year's fourth quarter.

Excluding items, Eastman Chemical reported adjusted earnings of $243 million or $1.81 per share for the period.

Analysts on average had expected the company to earn $1.86 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 22.8% to $2.69 billion from $2.19 billion last year.

Eastman Chemical earnings at a glance (GAAP) :

-Earnings (Q4): $378 Mln. vs. $32 Mln. last year. -EPS (Q4): $2.81 vs. $0.23 last year. -Analyst Estimate: $1.86 -Revenue (Q4): $2.69 Bln vs. $2.19 Bln last year.