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Eastman Chemical Q3 profit falls YOY

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Eastman Chemical Q3 profit falls YOY

Eastman Chemical Co. said its third-quarter normalized net income came to $1.57 per share, compared with the S&P Capital IQ consensus estimate of $1.84 per share.

EPS fell year over year from $1.61.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $235.5 million, a decline from $241.8 million in the prior-year period.

The normalized profit margin declined to 9.6% from 10.0% in the year-earlier period.

Total revenue grew on an annual basis to $2.45 billion from $2.41 billion, and total operating expenses came to $1.99 billion, compared with $1.99 billion in the year-earlier period.

Reported net income increased 22.6% from the prior-year period to $256.2 million, or $1.71 per share, from $208.9 million, or $1.39 per share.