Eastman beats estimates, raises 2012 guidance

Eastman Chemical reported net earnings of $154 million for its fiscal third quarter, down 11% from the same year-ago period. Excluding costs related to Eastman’s acquisition of Solutia and other charges, the company reported earnings of $1.57/share, 25% higher than adjusted earnings in the 2011 quarter and beating analysts’ estimates of $1.42/share, as reported by Thomson Reuters (New York). Sales increased 25%, to $263 million. Excluding sales revenue from the acquired Solutia businesses, sales declined 3%, due to lower selling prices. “Our...

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