Feb 1 (Reuters) - Eastman Chemical narrowly beat fourth-quarter profit estimates on Thursday, as the diversified chemical company benefited from cost-cutting measures.

The company had last year disclosed plans to reduce manufacturing, supply chain and non-manufacturing costs by a total of $200 million, net of inflation, and the sale of its Texas City Operations for $490 million.

Eastman's adjusted net income was $1.31 per share for the three months ended Dec. 31, just above analysts' average expectations of $1.30 per share, according to LSEG data.

Shares of the company were up 1.6% in the extended trading.

But sales revenue for its two main segments — advanced materials and additives and functional products — fell on lower volumes and weak demand in its end-markets as well as continued customer inventory destocking, particularly in the agriculture and medical markets.

Slow demand in key markets, including China and Europe, has prompted chemical companies to take steps to minimize operating costs and destock inventories.

Eastman's overall sales came in at $2.21 billion for the quarter, in line with analysts' estimate, but down 7% over the year earlier.

Going into 2024, the company expects to see volume growth as destocking ends in most of their end-markets.

It expects adjusted earnings per share to be between $7.25 and $8.00 for the full year and cash from operations to be nearly $1.4 billion.

The Tennessee-based company posted adjusted earnings per share of $6.40 for full year 2023.

Eastman also said on Thursday it returned $526 million to stockholders through dividends and share repurchases in 2023, compared with $1.4 billion in 2022. (Reporting by Seher Dareen in Bengaluru; Editing by Krishna Chandra Eluri and Shilpi Majumdar)