June shutdown negatively impacts Eastman earnings by $10 million
Hank Hayes, NET News Service
Jul 29, 2014 at 12:55 PM
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.