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Operating earnings in the second quarter of 2011 increased to $303 million, compared with operating earnings of $249 million in 2010second quarter, excluding asset impairments and restructuring charges and gains in both periods. Operating earnings increased due to higher selling prices and higher sales volume, which more than offset higher raw material and energy costs.
Coatings, Adhesives, Specialty Polymers and Inks sales revenue increased by 18% due to higher selling prices and higher sales volume. The higher selling prices were in response to higher raw material and energy costs and were also attributed to strengthened demand, particularly in the U.S., and tight industry supply. The higher sales volume was attributed primarily to strengthened end-use demand in the packaging, transportation, and durable goods markets, particularly in the U.S. Operating earnings in the second quarter 2011 increased to $99 million, compared with operating earnings of $92 million in the second quarter 2010. The increase was due to higher selling prices, higher sales volume, and the increased benefits from cracking propane to produce propylene at low cost, which more than offset higher raw material and energy costs.
“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.”
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