People & Business :: Earnings/Finance
Eastman Posts Big Profit Gain on Higher Selling Prices and Volumes
7:39 AM MDT | July 29, 2011 | Nancy Seewald
Eastman Chemical reported net earnings of $211 million in the second quarter, up 43% from the same period last year. Excluding a $15-million gain from the sale of methanol assets at Beaumont, TX, reported earnings were $2.76/share, beating analysts’ consensus of $2.62/share, as reported by Thomson Reuters (New York). Sales rose 26%, to $1.9 billion, on higher selling prices and volumes. Volume increases were driven by growth in plasticizer product lines, increased demand for acetyl chemicals, the fourth-quarter 2010 restart of a previously idled olefins...
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