Eastman Chemical 2Q adjusted profit in line with Street estimate

Thu. July 24, 2008; Posted: 05:30 PM

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

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For full details on Eastman Chemical Co (EMN) click here. Eastman Chemical Co (EMN) has Short Term PowerRatings of 7. Details on Eastman Chemical Co (EMN) Short Term PowerRatings is available at This Link.

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