KINGSPORT, Tenn. (AP) _ Eastman Chemical Co. (EMN) on Thursday reported third-quarter profit of $266 million.
On a per-share basis, the Kingsport, Tennessee-based company said it had profit of $1.93. Earnings, adjusted for asset impairment costs, came to $1.94 per share.
The results missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.99 per share.
The specialty chemicals maker posted revenue of $2.33 billion in the period, also missing Street forecasts. Four analysts surveyed by Zacks expected $2.37 billion.
Eastman Chemical expects full-year earnings in the range of $7 to $7.20 per share.
Eastman Chemical shares have increased almost 3% since the beginning of the year, while the Standard & Poor's 500 index has climbed 20%. In the final minutes of trading on Thursday, shares hit $75.01, a fall of nearly 1% in the last 12 months.