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Eastman beats estimates, increases 2013 guidance

9:57 AM MDT | July 30, 2013 | Rebecca Coons

Eastman Chemical reported second-quarter profits of $264 million, up 47.4% year-over-year (YOY) on higher volumes and last year's $4.8-billion Solutia acquisition.  Adjusted earnings per share (EPS) increased 28.6% YOY, to $1.80, and beat the analysts’ consensus estimate of $1.64/share compiled by Thomson Reuters (New York). Sales increased 32% YOY, to $2.4 billion. Excluding Solutia, revenue increased 3% YOY. “The great progress we've made over the past several years to improve our portfolio, including the acquisition of Solutia, shows in the...

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