WASHINGTON (dpa-AFX) - Eastman Chemical Co. (EMN) reported that its second-quarter net earnings decreased to $179 million or $1.27 per share, from $220 million or $1.51 per share in the same quarter last year.
Earnings from continuing operations were $1.40 per share for second quarter 2012 versus $1.44 per share for second quarter 2011, excluding $33 million of financing, transaction and integration costs in second quarter 2012 related to the acquisition of Solutia and a $15 million gain in second quarter 2011 from the sale of a previously impaired asset. Analysts polled by Thomson Reuters expected the company to report earnings of $1.30 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter declined to $1.85 billion from $1.89 billion in the prior year quarter. Eight analysts had consensus revenue estimate of $1.94 billion for the quarter.
For full year 2012, the company continues to expect double-digit year-over-year earnings growth resulting from the solid performance of heritage Eastman businesses and second half earnings from the acquired Solutia businesses. The company still expects 2012 earnings per share of $5.30. Analysts expect the company to report earnings of $5.17 per share for fiscal 2012.
Costs and charges related to the Solutia acquisition, including financing, transaction, and integration costs, asset impairments and restructuring charges, net, and mark-to-market pension and OPEB adjustments are excluded from the earnings per share projection, the company said.
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