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June shutdown negatively impacts Eastman earnings by $10 million

July 29th, 2014 12:50 pm by Hank Hayes, NET News Service

June shutdown negatively impacts Eastman earnings by $10 million

KINGSPORT — Eastman Chemical Co. announced on Monday slightly higher earnings and revenues during this year's second quarter, despite an unplanned operations shutdown.

Eastman reported the June 4 shutdown, caused by a power disruption at the Kingsport plant, negatively impacted second quarter operating earnings by about $10 million.

Still, earnings from continuing operations, excluding non-core or non-recurring items, were $1.92 per diluted share for the second quarter versus $1.80 per diluted share in last year's second quarter.

Sales revenue was $2.5 billion, a slight increase compared with 2013's second quarter. Operating earnings for the second quarter were $436 million, compared with $428 million in last year's second quarter.

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