Eastman Chemical: 1Q Earnings Snapshot

KINGSPORT, Tenn. (AP) _ Eastman Chemical Co. (EMN) on Thursday reported first-quarter earnings of $209 million.

The Kingsport, Tennessee-based company said it had net income of $1.49 per share. Earnings, adjusted for asset impairment costs and non-recurring costs, came to $1.77 per share.

The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.91 per share.

The specialty chemicals maker posted revenue of $2.38 billion in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $2.6 billion.

Eastman Chemical shares have risen 11 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 17 percent. In the final minutes of trading on Thursday, shares hit $80.95, a decline of 23 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EMN at https://www.zacks.com/ap/EMN