Eastman Q2 earnings jump 47% on gains from Solutia

29 July 2013 23:39  [Source: ICIS news]

HOUSTON (ICIS)--US-based Eastman Chemical’s Q2 earnings jumped 47%, largely on gains from its acquisition of Solutia last year, the company reported on Monday.

Net earnings for the chemical producer totaled $264m (€198m), compared with $179m in the same period of 2012.

Earnings per share rose 32%, to $1.71 from $1.30 in the second quarter last year, beating analysts projections and putting the company in line for a fourth consecutive year of double-digit earnings growth, said chairman Jim Rogers.

Sales increased 32%, to $2.44bn compared with $1.85bn in the same period of 2012.

Higher sales and operating earnings in three of the company’s five operating segments increased because of greater volumes from Eastman’s acquisition of Solutia in July 2012, the company said.

Rogers said the company increased its expectations for full-year 2013 earnings per share to between $6.40 and $6.50 from $6.30-$6.40 per share.

“We expect earnings in the second half of the year will be slightly lower than first half due to normal seasonality of sales volume,” Rogers added.

($1 = €0.75)

By: Lane Kelley
+1 713 525 2653

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