Eastman Chemical Q3 Profit Decreases, but beats estimates

(RTTNews) - Eastman Chemical (EMN) announced earnings for third quarter that decreased from the same period last year but beat the Street estimates.

The company's bottom line came in at $178 million, or $1.49 per share. This compares with $301 million, or $2.46 per share, in last year's third quarter.

Excluding items, Eastman Chemical reported adjusted earnings of $175 million or $1.47 per share for the period.

Analysts on average had expected the company to earn $1.45 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 16.2% to $2.27 billion from $2.71 billion last year.

Eastman Chemical earnings at a glance (GAAP) :

-Earnings (Q3): $178 Mln. vs. $301 Mln. last year. -EPS (Q3): $1.49 vs. $2.46 last year. -Analyst Estimates: $1.45 -Revenue (Q3): $2.27 Bln vs. $2.71 Bln last year.

-Guidance: Full year EPS guidance: $6.30 and $6.50