Eastman Chemical

(EMN) - Get Report

said its first-quarter profits dropped more than 80% and it sees no sign of recovery.

The maker of chemicals, fibers and plastics posted net income of $6 million, or 7 cents a share, down from $37 million, or 48 cents a share, in the year-ago period. The results include charges related to changes in accounting.

Excluding charges, the company earned 35 cents a share, in line with previous guidance and ahead of analyst estimates of 33 cents. Revenue dropped to $1.24 billion from $1.34 billion a year ago.

In a press release, Eastman Chemical said it sees no signs of recovery on the horizon. "We still have not seen the demand improvements that would lead us to believe the economy has turned around," CEO Brian Ferguson said.

The company expects second-quarter earnings to be similar to the first quarter, excluding items. Analysts are expecting the company to earn 59 cents.