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Eastman Tops Estimates, but Income Dips
3:55 PM MDT | July 23, 2009 | Nancy Seewald
Eastman Chemical reported second-quarter net earnings of $65 million, down 43% from the year-ago period. Sales fell 32%, to $1.3 billion, on a 13% decline in volume and lower selling prices, particularly in its performance chemicals and intermediates unit and performance polymers unit. Operating earnings fell 24%, to $131 million, on lower profits in all segments except fibers. Earnings per share were 89 cts, beating analysts’ estimates of 71 cts/share, as reported by Thomson Reuters (New York). Profits in Eastman’s coatings, adhesives, specialty...
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