Eastman Chemical Q2 Profit Up

Eastman reported net income for the second quarter of $211 million or $2.91 per share, compared to $148 million or $2.02 per share for the year-ago quarter.

Income from continuing operations for the second quarter was $210 million or $2.90 per share, compared to $141 million or $1.92 per share in the prior year quarter.

Excluding items, adjusted earnings per share from continuing operations were $2.76, compared to $1.95 in the prior year quarter.

Sales for the second quarter rose to $1.89 billion from $1.50 billion a year earlier.

Analysts polled by Thomson Reuters expected the company to earn $2.62 per share on revenue of $1.81 billion for the second quarter. Analysts' estimates typically exclude special items.

Looking forward, the company said it expects third quarter earnings per share to be slightly higher than third quarter 2010 earnings per share of $2.22.

The company also said it expect full year 2011 earnings per share to be slightly higher than $9.25. In April, Eastman had forecast full year 2011 earnings per share to be slightly higher than $9.

Analysts currently expect the company to earn $2.35 per share for the third quarter and $9.31 per share for the full year 2011.