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Eastman Chemical Q4 Profit Down

Eastman Chemical (EMN) Thursday reported fourth-quarter profit of $26 million or $0.19 per share, down from $34 million or $0.24 per share last year.

On an adjusted basis, earnings for the quarter were $1.42 per share, up from $1.39 per share last year. Analysts polled by Thomson Reuters expected earnings of $1.33 per share. Analysts' estimates typically exclude special items.

The company said revenues for the quarter dropped to $2.21 billion from to $2.38 billion. Analysts had a consensus revenue estimate of $2.20 billion for the quarter.

Moving ahead, Eastman Chemical expects adjusted earnings to be between $7.20 and $7.60 per share. Analysts currently estimate earnings of $7.74 per share.

Commenting on the outlook for full-year 2020, CEO Mark Costa said: "We enter 2020 in a period of significant uncertainty related to macro factors that are out of our control. In this environment, we are focused on what we can control, including growing new business revenue by leveraging our innovation-driven growth model, aggressive cost management, and disciplined capital allocation. We are currently assuming that slow growth continues in 2020 at levels similar to 2019, although with less inventory destocking."

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