Eastman Chemical Company (NYSE:EMN) today announced earnings, excluding the items described in Tables 3 and 4, of $1.80 per diluted share for second quarter 2013 versus $1.40 per diluted share for second quarter 2012. Reported earnings from continuing operations were $1.69 per diluted share in second quarter 2013 and $1.26 per diluted share in second quarter 2012. For detail of the excluded items and reconciliation to reported company and segment earnings, see Tables 3 and 4.
“The great progress we’ve made over the past several years to improve our portfolio, including the acquisition of Solutia, shows in the continuing strength of our earnings,” said Jim Rogers, Chairman and CEO. “Second-quarter earnings were our best ever and position us for a fourth consecutive year of double-digit earnings growth. We continue to expect double-digit earnings growth through 2015 given our leading market positions, our end-market and geographic diversity, and the growth initiatives we are pursuing throughout the company.” See “Outlook” paragraphs for items excluded from earnings comparisons.
Corporate 2Q 2013 versus 2Q 2012
Sales revenue for second quarter 2013 was $2.4 billion, a 32 percent increase compared with second quarter 2012. Second quarter 2013 included sales revenue from the acquired Solutia businesses. Pro forma combined sales revenue increased 3 percent due to higher sales volume across most segments.
Operating earnings in second quarter 2013 were $428 million compared with $317 million in second quarter 2012. Excluding the items described in Tables 3 and 4, operating earnings were $454 million in second quarter 2013 and $323 million in second quarter 2012. Second quarter 2013 included operating earnings from the acquired Solutia businesses. Pro forma combined operating earnings, excluding the items described in Tables 3 and 4, were $454 million in second quarter 2013 compared with $403 million in second quarter 2012. Pro forma combined operating earnings increased primarily due to higher sales volume across most segments and higher capacity utilization which led to lower unit costs.
For more information, please visit www.eastman.com