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Eastman Chemical profit misses consensus by 15.8% in Q3

Eastman Chemical Co. said its third-quarter normalized net income came to $1.71 per share, compared with the S&P Capital IQ consensus estimate of $2.03 per share.

EPS increased 27.8% year over year from $1.34.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $249.0 million, an increase of 25.5% from $198.4 million in the year-earlier period.

The normalized profit margin rose to 10.1% from 8.7% in the year-earlier period.

Total revenue climbed 7.8% year over year to $2.46 billion from $2.29 billion, and total operating expenses grew 5.5% year over year to $2.00 billion from $1.90 billion.

Reported net income rose 39.7% on an annual basis to $323.0 million, or $2.22 per share, from $231.2 million, or $1.56 per share.