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People & Business :: Earnings/Finance

Eastman Profits Decline on Costs Related to Solutia, Reaffirms Full-Year Guidance

9:53 AM MDT | July 31, 2012 | Rebecca Coons

Eastman Chemical posted a 19% decline in net earnings for its fiscal second quarter ended June 30, 2012, to $179 million. Excluding costs related to Eastman’s recent $4.8-billion acquisition of Solutia and other one-time items, earnings declined 3%, to $1.40/share. Analysts’ consensus was for $1.30/share, as reported by Thomson Reuters (New York). Revenue fell 2.6%, to $1.8 billion. Eastman reaffirmed its 2012 guidance of $5.30/share. “Despite persistent global economic uncertainty, we continue to expect double-digit year-over-year earnings...

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