Eastman Chemical Q2 Profit Tops Estimates; Revenue Falls Shy

(RTTNews) - Eastman Chemical Co. (EMN) reported net income for the second quarter of $292 million or $1.93 per share, compared to $264 million or $1.69 per share for the year-ago quarter.

Income from continuing operations for the second quarter was $290 million or $1.92 per share, compared to $264 million or $1.69 per share in the prior year quarter.

Excluding non-core or non-recurring items, adjusted earnings from continuing operations for the second quarter was $1.92 per share, compared to $1.80 in the second quarter of 2013.

Sales revenue for the second quarter grew to $2.46 billion from $2.44 billion a year earlier.

Analysts polled by Thomson Reuters expected the company to earn $1.84 per share on revenue of $2.51 billion for the second quarter. Analysts' estimates typically exclude special items.

The company said it continues to expect 2014 adjusted earnings per share to be between $6.70 and $7.00. Analysts currently expect the company to earn $6.92 per share for the full year 2014.