Eastman Chemical Q1 Profit Decreases, but beats estimates

(RTTNews) - Eastman Chemical (EMN) revealed a profit for first quarter that decreased from last year but beat the Street estimates.

The company's earnings came in at $134 million, or $1.12 per share. This compares with $235 million, or $1.80 per share, in last year's first quarter.

Excluding items, Eastman Chemical reported adjusted earnings of $195 million or $1.63 per share for the period.

Analysts on average had expected the company to earn $1.25 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 11.1% to $2.41 billion from $2.71 billion last year.

Eastman Chemical earnings at a glance (GAAP) :

-Earnings (Q1): $134 Mln. vs. $235 Mln. last year. -EPS (Q1): $1.12 vs. $1.80 last year. -Analyst Estimates: $1.25 -Revenue (Q1): $2.41 Bln vs. $2.71 Bln last year.