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VOL. 128 | NO. 148 | Wednesday, July 31, 2013

Eastman Chemical Second-Quarter Net Income Jumps 47 Percent

AP

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KINGSPORT, Tenn. (AP) Eastman Chemical Co. said Tuesday its second-quarter net income jumped 47 percent, boosted by sales contributions from a recent acquisition.

The results beat Wall Street predictions and the chemicals company also raised its profit prediction for the full year. Its shares rose to an all-time high following release of the results.

The Kingsport, Tenn.-based company earned $264 million, or $1.69 per share, up from $179 million, or $1.27 per share, in the 2012 second quarter.

Excluding costs related to the acquisition, restructuring charges and other one-time items, Eastman said its adjusted profit was $1.80 per share.

Revenue rose 32 percent to $2.44 billion from $1.85 billion last year.

Analysts, on average, expected a profit of $1.63 per share on $2.39 billion in revenue, according to FactSet.

Eastman said the results were boosted by its 2012 acquisition of the specialty chemical company Solutia. It also saw gains from higher sales volumes at most of its businesses and higher capacity utilization that lowered unit costs.

The company said it expects its specialty businesses to continue to deliver strong profit growth, despite the still sluggish global economy. It boosted its full-year profit prediction by 10 cents to a range of $6.40 to $6.50 per share.

Analysts were expecting a profit of $6.33 per share for the year, on average, with estimates ranging from $6.20 to $6.40.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 86 86 12,712
MORTGAGES 114 114 16,584
FORECLOSURE NOTICES 0 0 3,290
BUILDING PERMITS 0 0 27,694
BANKRUPTCIES 64 64 10,554
BUSINESS LICENSES 23 23 4,227
UTILITY CONNECTIONS 112 112 16,462
MARRIAGE LICENSES 33 33 3,724

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