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All segments report record quarterly earnings - Eastman
29
Jul '11
Eastman Chemical Company announced earnings from continuing operations of $2.90 per diluted share for second quarter 2011 versus $1.92 per diluted share for second quarter 2010. Excluding a $15 million gain in second quarter 2011 from the sale of previously impaired methanol assets in Beaumont, Texas, and $3 million of restructuring charges in second quarter 2010, earnings from continuing operations were $2.76 per diluted share in second quarter 2011 and $1.95 per diluted share in second quarter 2010. For reconciliation to reported company and segment earnings, see Tables 3 and 4 in the accompanying second-quarter 2011 financial tables.

“For the second consecutive quarter, we reported record earnings, and we are on track to report record annual earnings for this year,” said Jim Rogers, Chairman and CEO. “This performance demonstrates the strength of our portfolio of businesses, including innovative new products and the benefits of geographic and end-market diversity. I remain confident that the combination of growth in our core businesses and our disciplined capital allocation will continue this track record of annual earnings growth over the next several years.”

Sales revenue for second quarter 2011 was $1.9 billion, a 26 percent increase compared with second quarter 2010 due to higher selling prices and higher sales volume. The higher selling prices were in response to higher raw material and energy costs and were also attributed to strengthened demand, particularly in the U.S., and tight industry supply.

The higher sales volume was primarily due to growth in plasticizer product lines, increased demand for acetyl chemicals, the fourth quarter 2010 restart of a previously idled olefins cracking unit at the Texas facility, and strengthened end-market demand primarily in the packaging, transportation, and durable goods markets.

Operating earnings in second quarter 2011 increased to $303 million compared with operating earnings of $249 million in second quarter 2010, excluding asset impairments and restructuring charges and gains in both periods. Operating earnings increased due to higher selling prices and higher sales volume, which more than offset higher raw material and energy costs.

Segment Results 2Q 2011 versus 2Q 2010
Coatings, Adhesives, Specialty Polymers and Inks

Sales revenue increased by 18 percent due to higher selling prices and higher sales volume. The higher selling prices were in response to higher raw material and energy costs and were also attributed to strengthened demand, particularly in the U.S., and tight industry supply. The higher sales volume was attributed primarily to strengthened end-use demand in the packaging, transportation, and durable goods markets, particularly in the U.S. Operating earnings in second quarter 2011 increased to $99 million compared with operating earnings of $92 million in second quarter 2010. The increase was due to higher selling prices, higher sales volume, and the increased benefits from cracking propane to produce propylene at low cost, which more than offset higher raw material and energy costs.

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