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Eastman Chemical profit misses consensus by 20.3% in Q2

Eastman Chemical Co. said its normalized net income for the second quarter was $1.52 per share, compared with the S&P Capital IQ consensus estimate of $1.91 per share.

EPS climbed 15.7% year over year from $1.31.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $222.4 million, an increase of 13.7% from $195.5 million in the year-earlier period.

The normalized profit margin increased to 9.2% from 8.5% in the year-earlier period.

Total revenue climbed 5.3% on an annual basis to $2.42 billion from $2.30 billion, and total operating expenses grew from the prior-year period to $2.00 billion from $1.92 billion.

Reported net income grew 15.0% on an annual basis to $292.8 million, or $2.00 per share, from $254.6 million, or $1.71 per share.