KINGSPORT, Tenn. (AP) _ Eastman Chemical Co. (EMN) on Thursday reported fourth-quarter net income of $32 million.

The Kingsport, Tennessee-based company said it had net income of 23 cents per share. Earnings, adjusted for non-recurring costs, came to $1.69 per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.53 per share.

The specialty chemicals maker posted revenue of $2.19 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $2.14 billion.

For the year, the company reported profit of $478 million, or $3.50 per share. Revenue was reported as $8.47 billion.

Eastman Chemical shares have dropped slightly since the beginning of the year, while the Standard & Poor's 500 index has risen nearly 1%. In the final minutes of trading on Thursday, shares hit $99.92, an increase of 42% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EMN at https://www.zacks.com/ap/EMN

Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News