Eastman Chemical (EMN) recently announced its profits for the fourth quarter, which surpassed last year's earnings for the same period and exceeded Street forecasts. The company's net earnings amounted to $310 million, or $2.61 per share, a considerable rise from $1 million, or $0.01 per share, reported in the fourth quarter of the previous year.
When special items were excluded, Eastman Chemical reported adjusted earnings of $155 million or $1.31 per share for the period. Analysts had predicted an average earning of $1.30 per share, which doesn't typically include any special items, according to data gathered by Thomson Reuters.
However, the company's revenue saw a decrease of 6.8%, falling to $2.21 billion from $2.37 billion last year. A brief overview of Eastman Chemical's earnings, according to GAAP standards, includes earnings for the fourth quarter at $310 million, up dramatically from $1 million last year. The EPS for the fourth quarter was $2.61, a significant increase from $0.01 last year. While the expected earnings from analysts were at $1.30, the revenue for the fourth quarter came in at $2.21 billion compared to $2.37 billion the previous year.
