Eastman Chemical Q2 Profit Increases, beats estimates

(RTTNews) - Eastman Chemical (EMN) released a profit for its second quarter that increased from last year and beat the Street estimates.

The company's bottom line totaled $272 million, or $2.27 per share. This compares with $256 million, or $2.03 per share, in last year's second quarter.

Excluding items, Eastman Chemical reported adjusted earnings of $238 million or $1.99 per share for the period.

Analysts on average had expected the company to earn $1.93 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 16.5% to $2.32 billion from $2.78 billion last year.

Eastman Chemical earnings at a glance (GAAP) :

-Earnings (Q2): $272 Mln. vs. $256 Mln. last year. -EPS (Q2): $2.27 vs. $2.03 last year. -Analyst Estimate: $1.93 -Revenue (Q2): $2.32 Bln vs. $2.78 Bln last year.