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Eastman Chemical Q2 profit climbs YOY

Eastman Chemical Co. said its second-quarter normalized net income came to $1.71 per share, compared with the S&P Capital IQ consensus estimate of $1.83 per share.

EPS rose year over year from $1.66.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $256.8 million, an increase from $250.5 million in the prior-year period.

The normalized profit margin declined to 10.1% from 10.2% in the year-earlier period.

Total revenue rose year over year to $2.53 billion from $2.46 billion, and total operating expenses increased on an annual basis to $2.05 billion from $2.02 billion.

Reported net income grew year over year to $296.6 million, or $1.98 per share, from $290.5 million, or $1.92 per share.