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Eastman Chemical Beats Street 4Q Forecasts

Eastman Chemical Co. (EMN) on Thursday reported fourth-quarter net income of $128 million.

KINGSPORT, Tenn. (AP) Eastman Chemical Co. (EMN) on Thursday reported fourth-quarter net income of $128 million.

The Kingsport, Tennessee-based company said it had profit of 87 cents per share. Earnings, adjusted to extinguish debt and for non-recurring costs, came to $1.51 per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.48 per share.

The specialty chemicals maker posted revenue of $2.19 billion in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $2.15 billion.

For the year, the company reported profit of $866 million, or $5.84 per share. Revenue was reported as $9.01 billion.

Eastman Chemical shares have risen nearly 7 percent since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 3 percent. In the final minutes of trading on Thursday, shares hit $80.29, a rise of 28 percent in the last 12 months.