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Eastman posts first-quarter profit gains

10:43 AM MDT | May 2, 2013 | Rebecca Coons

Eastman Chemical announced first-quarter operating earnings of $393 million, an increase of 48.9% from the year-ago quarter on lower raw materials and higher sales of interlayers in Asia. Excluding Solutia acquisition-related costs and charges in both periods, operating earnings increased 47.6%, to $403 million, or $1.57/share, in line with analysts' estimates. Sales increased 27%, to $2.3 billion, but sales were down 1% on a pro-forma basis. “Our portfolio of specialty businesses continued to deliver strong earnings in the first quarter despite uncertain...

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