KINGSPORT, Tenn. (AP) _ Eastman Chemical Co. (EMN) on Thursday reported first-quarter net income of $278 million.
On a per-share basis, the Kingsport, Tennessee-based company said it had profit of $1.89. Earnings, adjusted for non-recurring gains, came to $1.83 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.74 per share.
The specialty chemicals maker posted revenue of $2.3 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $2.24 billion.
Eastman Chemical shares have increased roughly 9 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed nearly 7 percent. In the final minutes of trading on Thursday, shares hit $81.66, a rise of 5 percent in the last 12 months.