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Eastman Chemical Q1 profit climbs 10.5% YOY

Eastman Chemical Co. said its first-quarter normalized net income came to $1.58 per share, compared with the S&P Capital IQ consensus estimate of $1.59 per share.

EPS increased 13.0% year over year from $1.40.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $236.5 million, a gain of 10.5% from $214.0 million in the prior-year period.

The normalized profit margin climbed to 9.7% from 9.3% in the year-earlier period.

Total revenue grew 6.0% year over year to $2.44 billion from $2.31 billion, and total operating expenses rose on an annual basis to $2.01 billion from $1.92 billion.

Reported net income decreased 26.6% from the prior-year period to $170.7 million, or $1.14 per share, from $232.6 million, or $1.52 per share.