The chemicals company posted adjusted earnings of $1.59 per share, down from $1.64 per share for the year-ago period.
Revenue declined by 5.4% year-over-year, to $2.23 billion from $2.35 billion.
Analysts surveyed by Thomson Reuters had projected earnings of $1.55 per share on revenue of $2.4 billion.
Looking ahead, the company faces stagnant global economic growth, collapsing oil prices and weakening currencies in Asia and Europe, CEO Mark Costa noted in a statement.
"Given current business conditions, we are driving hard to deliver 2016 earnings per share that approach 2015 earnings per share," he continued.
Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C+.
Eastman Chemical's strengths such as its revenue growth, attractive valuation levels and increase in net income are countered by weaknesses including generally higher debt management risk, weak operating cash flow and a generally disappointing performance in the stock itself.
You can view the full analysis from the report here: EMN
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.