Higher Volumes and Selling Prices Lift Earnings at Diversified Firms

Most basic and diversified U.S. chemical companies posted strong second-quarter results. Special charges dragged down profits at Solutia and Tronox, however. Eastman Chemical reported earnings from continuing operations up 9%, to $115 million ($1.48/share), compared with the year-ago period. Excluding special items, earnings were $1.53/share, in line with the consensus of analysts’ estimates as reported by First Call (Boston). A tax credit related to Eastman’s planned gasification project at Beaumont, TX lifted second-quarter earnings by 17 cts/share...

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