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Operating earnings for Q2 slip 19.8% at Eastman Chemical
01
Aug '16
Courtesy: Eastman
Courtesy: Eastman
For the second quarter ended June 30, 2016, operating earnings at Eastman Chemical Company slipped 19.8 per cent from a year ago period to $376 million.

Resultantly, reported earnings too dipped to $1.71 per diluted share for the reporting quarter as against $1.98 per diluted share for the prior year's second quarter.

“Earnings excluding non-core items were $1.68 per diluted share for the three months ended June 30, 2016 compared to $2.01 per diluted share in the second quarter of 2015.

According to the company, operating earnings and earnings per share declined primarily due to declines in its Chemical Intermediates and Fibres divisions.

For the quarter under review, sales revenue too was down 9.31 per cent to $2,297 vis-à-vis $2,533 million in the three months to June 30, 2015.

“Sales revenue declined primarily due to lower selling prices particularly in the Chemical Intermediates segment, the company explained.

Eastman revised downwards its adjusted 2016 earnings per share by 10 per cent year on year as against its previous expectation of a decline of approximately 5 per cent. (AR)

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