Eastman Chemical 2Q adjusted profit in line with Street estimate

SAN FRANCISCO, Jul 25, 2008 (Thomson Financial via COMTEX) -- EMN | Quote | Chart | News | PowerRating -- Eastman Chemical Co. late Thursday reported second-quarter net income of $115 million, or $1.48 a share, up from $105 million, or $1.22 a share, a year earlier.

On an adjusted basis, earnings were $1.53 a share versus $1.32 a share last year.

The mean estimate of analysts polled by Thomson Reuters was a per-share profit of $1.53.

Revenue rose to $1.83 billion from $1.76 billion a year ago. Analysts were looking for revenue of $1.8 billion.

Kingsport, Tenn.-based Eastman Chemical is a maker of chemicals, plastics, and fibers.

For the third quarter, the company said it expects per-share earnings from continuing operations to be similar to the year-ago period, excluding gains and charges in both periods related to strategic actions.

"Current business conditions include a softening U.S. economy and global economic uncertainty," said Chairman and Chief Executive Brian Ferguson in a statement. "In addition, we expect a continued significant rise in raw material and energy costs, particularly for propane, paraxylene, and natural gas."

Shares of Eastman Chemical closed the regular session down 1.4% at $66.38. Katherine Hunt kh

COPYRIGHT

Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.

MMMM

More News:   Market Updates | Stock Alerts | All Trading News | Stock Index