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Eastman Chemical profit misses consensus by 18.1% in Q1

Eastman Chemical Co. said its normalized net income for the first quarter came to $1.44 per share, compared with the S&P Capital IQ consensus estimate of $1.76 per share.

EPS rose year over year from $1.41.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $212.1 million, a gain from $209.4 million in the prior-year period.

The normalized profit margin fell to 9.2% from 9.4% in the year-earlier period.

Total revenue increased year over year to $2.30 billion from $2.24 billion, and total operating expenses increased year over year to $1.91 billion from $1.83 billion.

Reported net income grew 10.6% on an annual basis to $278.2 million, or $1.89 per share, from $251.5 million, or $1.69 per share.