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Eastman Chemical Q1 Earnings Squeak Past Ests

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Eastman Chemical’s (EMN - Free Report) profit slipped in first-quarter 2014 as modest gains across its Additives and Functional Products and Fibres divisions were offset by declines in Advanced Materials and Specialty Fluids and Intermediates units. Higher impairment and restructuring charges also weighed on the bottom line in the reported quarter.

The TN-based chemical maker logged profit (as reported) of $233 million or $1.52 per share in the quarter, a 5.7% fall from $247 million or $1.57 per share recorded a year ago.

Earnings, excluding integration charges related to Solutia acquisition and impairment and restructuring costs, were $1.61 per share in the reported quarter, beating the Zacks Consensus Estimate by a penny while falling short of the year-ago adjusted earnings of $1.62 per share.

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