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Eastman Chemical posts higher earnings as sales increase

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Eastman Chemical posts higher earnings as sales increase

Eastman Chemical Co. reported net earnings attributable to the company in the second quarter of $344 million, or $2.39 per share, up from $292 million, or $2.00 per share, in the prior-year period.

S&P Capital IQ's consensus normalized EPS estimate was $2.20.

Sales increased $2.62 billion, from $2.42 billion a year ago. Earnings before income tax for the quarter were $430 million, up from $359 million last year.

For the half, the diversified chemicals manufacturer reported net earnings attributable to Eastman of $634 million, or $4.39 per share, compared with $570 million, or $3.89 per share, in the previous year.

Sales for the first half of 2018 were $5.23 billion, from $4.72 billion a year ago. Earnings before income taxes came in at $780 million, up from $700 million in the prior-year period.