Eastman Announces Record Sales and Earnings
All Segments Report Record Quarterly Earnings
KINGSPORT, Tenn., July 28, 2011 Eastman Chemical Company (NYSE:EMN) today announced earnings from continuing operations of $2.90 per diluted share for second quarter 2011 versus $1.92 per diluted share for second quarter 2010. Excluding a $15 million gain in second quarter 2011 from the sale of previously impaired methanol assets in Beaumont, Texas, and $3 million of restructuring charges in second quarter 2010, earnings from continuing operations were $2.76 per diluted share in second quarter 2011 and $1.95 per diluted share in second quarter 2010. For reconciliation to reported company and segment earnings, see Tables 3 and 4 in the accompanying second-quarter 2011 financial tables.
For the second consecutive quarter, we reported record earnings, and we are on track to report record annual earnings for this year, said Jim Rogers, Chairman and CEO. This performance demonstrates the strength of our portfolio of businesses, including innovative new products and the benefits of geographic and end-market diversity. I remain confident that the combination of growth in our core businesses and our disciplined capital allocation will continue this track record of annual earnings growth over the next several years.
| (In millions, except per share amounts) | 2Q2011 |
2Q2010
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