IHS Chemical Week

Eastman beats estimates, lowers guidance

11:43 AM MDT | October 25, 2013

Eastman Chemical reported net earnings of $308 million for the fiscal quarter ended 30 September, up from $154 million in the year-ago quarter. The 2012 quarter included charges related to the company’s $4.8-billion acquisition of Solutia. Adjusted earnings of $1.68/share was 7% higher year-over-year (YOY) and beat a $1.64/share consensus of analysts’ estimates compiled by Thomson Reuters (New York). Sales increased 3.5%, to $2.3 billion, due primarily to higher sales volume in the additives and functional products and advanced materials segments, partially...

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