KINGSPORT, Tenn. (AP) _ Eastman Chemical Co. (EMN) on Thursday reported fourth-quarter profit of $26 million.
The Kingsport, Tennessee-based company said it had net income of 19 cents per share. Earnings, adjusted for non-recurring costs, were $1.42 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.33 per share.
The specialty chemicals maker posted revenue of $2.21 billion in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $2.17 billion.
For the year, the company reported profit of $759 million, or $5.48 per share. Revenue was reported as $9.27 billion.
Eastman Chemical expects full-year earnings in the range of $7.20 to $7.60 per share.
Eastman Chemical shares have fallen 12% since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 2%. In the final minutes of trading on Thursday, shares hit $69.60, a decline of 15% in the last 12 months.