SAN FRANCISCO, April 28 (Reuters) - Eastman Chemical Co said its quarterly profit rose sharply as sales increased in every region of the world, driving revenue above analysts' expectations.
Shares of Eastman Chemical were up 9 percent at $112 in after-hours trading.
For the first quarter, the company posted net income of $220 million, or $3.04 per share, compared with $101 million, or $1.37 per share, a year before.
Earnings from continuing operations were $2.52 per share, and revenue grew 28 percent to $1.76 billion.
Analysts had expected earnings of $1.93 per share on revenue of $1.53 billion, according to Thomson Reuters I/B/E/S.
(Reporting by Braden Reddall and Ernest Scheyder, editing by Bernard Orr) Keywords: EASTMANCHEMICAL/ (ernest.scheyder@thomsonreuters.com; +1 646-223-6119; Reuters Messaging:ernest.scheyder.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Shares of Eastman Chemical were up 9 percent at $112 in after-hours trading.
For the first quarter, the company posted net income of $220 million, or $3.04 per share, compared with $101 million, or $1.37 per share, a year before.
Earnings from continuing operations were $2.52 per share, and revenue grew 28 percent to $1.76 billion.
Analysts had expected earnings of $1.93 per share on revenue of $1.53 billion, according to Thomson Reuters I/B/E/S.
(Reporting by Braden Reddall and Ernest Scheyder, editing by Bernard Orr) Keywords: EASTMANCHEMICAL/ (ernest.scheyder@thomsonreuters.com; +1 646-223-6119; Reuters Messaging:ernest.scheyder.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.