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Eastman Chemical Sales Jump 38 Percent

Fri, 07/30/2010 - 8:19am

KINGSPORT, Tenn. (AP) — Eastman Chemical Co. on Thursday said its second-quarter earnings surged to beat analyst estimates as sales of its coatings, specialty plastics and other products jumped 38 percent.

Shares of the company rose in extended trading.

Eastman Chemical reported quarterly net income of $148 million, or $2.02 per share, compared with net income of $65 million, or 89 cents per share, in the year-ago quarter.

Revenue rose to $1.72 billion from $1.25 billion.

The latest quarter's results reflected a $3 million one-time restructuring charge. Excluding that, Eastman Chemical earned $2.05 per share.

Analysts surveyed by Thomson Reuters had predicted, on average, earnings of $1.65 per share on revenue of $1.63 billion. Analyst estimates typically exclude one-time items.

Eastman Chemical said sales improved across its product lines, including fiber, performance chemicals and specialty plastics.

Eastman predicted third-quarter earnings between $1.65 per share and $1.75 per share. Analysts forecast earnings of $1.34 per share.

For the full year, Eastman forecast earnings of $6.20 per share to $6.40 per share. Analysts expect earnings of $5.43 per share.

Eastman Chemical shares closed up 14 cents at $59.76. In aftermarket activity, they advanced $2.49, or 4.2 percent, to $62.25. The stock has ranged from $46.91 to $71.95 over the past year.

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