KINGSPORT, Tenn. (AP) - Eastman Chemical Co. on Thursday reported fourth-quarter earnings of $581 million.
On a per-share basis, the Kingsport, Tennessee-based company said it had profit of $4.01. Earnings, adjusted for pretax gains, were $1.62 per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.06 per share.
The specialty chemicals maker posted revenue of $2.36 billion in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $2.29 billion.
For the year, the company reported profit of $1.47 billion, or $10.09 per share. Revenue was reported as $9.55 billion.
Eastman Chemical shares have climbed slightly more than 6 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 5.5 percent. In the final minutes of trading on Thursday, shares hit $98.44, an increase of 26 percent in the last 12 months.