Specialty chemical-maker Eastman (NYSE:EMN) reported earnings after the bell today that beat analyst estimates for its third quarter. Eastman posted adjusted earnings per share of $1.68, which was better than analyst expectations by $0.04 in the period.
Revenue of $2.3 billion was up 3.5% year over year, and was in line with Wall Street's predictions. Higher sales volumes for its additives and functional products, and advanced Materials segments, partially offset lower sales revenue in adhesives and plasticizers.
Going forward, Eastman says the fourth quarter remains strong, but it lowered its full-year outlook to between $6.30 and $6.40 per share, below its prior guidance of between $6.40 and $6.50 per share, and under analyst estimates of $6.48. Challenges in the adhesives and plasticizers segment, as well as higher raw material and energy costs, will continue to weigh on the specialty chemical maker's performance.
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