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Eastman Chemical Posts $2 Million 1Q Profit

The Associated Press

KINGSPORT, Tenn. (AP) — Chemical, fiber, and plastic maker Eastman Chemical Co. said on Thursday it eked out a $2 million profit even as results declined in most of its segments.

The company's profit of 3 cents per share for the period that ended March 31 compared with a profit of $133 million, or $1.68 per share, during the same period last year. Revenue fell 34.6 percent to $1.13 billion, from $1.73 billion a year ago.

Not counting special items, the company said it would have earned 25 cents per share from continuing operations. Analysts surveyed by Thomson Reuters were expecting a profit of 14 cents per share on revenue of $1.37 billion.

Chairman and Chief Executive Brian Ferguson said the company remains "focused on taking the actions necessary to deliver operating cash flows that will more than support both our dividend and capital expenditures."

Incoming CEO Jim Rogers said he expects second-quarter earnings per share to be "similar to" the current analyst expectation of 71 cents per share. The company left unchanged its full-year guidance for a profit of $2 to $3 per share.

Eastman Chemical shares rose 26 cents to close at $33.11.