Thursday, Eastman Chemical Co. (EMN), a manufacturer and marketer of chemicals, fibers, and plastics worldwide, reported an increase in second quarter profit as revenues grew 4%. Looking ahead, the company expects its third quarter earnings to be flat with the prior-year period, excluding gains and charges in both periods related to strategic actions.
The Kingsport, Tennessee-based Eastman Chemical's net earnings for the second quarter rose to $155 million, or $1.48 per share, from $105 million, or $1.22 per share, in the year-ago quarter.
Earnings from continuing operations grew to $172 million or $1.48 per share from $160 million or $1.19 per share in the previous year quarter.
Excluding accelerated depreciation costs and asset impairments and restructuring charges, adjusted earnings from continuing operations were $178 million, or $1.53 per share, higher than $176 million, or $1.32 per share, reported in the same quarter of last year.
On average, seven analysts polled by First Call/Thomson Financial projected earnings of $1.53 per share.
Total sales for the second quarter were $1.83 billion, up 4% from $1.76 billion in the equivalent quarter of the earlier year. Five analysts, on average, anticipated the company to report revenues of $1.80 billion.
For the six month-period, net income increased to $248 million, or $3.21 per share, from $182 million, or $2.16 per share for the same period in 2007.
Revenue for the six months ended June 30 was $3.56 billion, up from $3.40 billion for the first six months of 2007.
EMN closed Thursday's regular trading session at $66.38, down 95 cents or 1.41%.
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