Eastman Chemical Co. recently announced that its sales revenue for the third quarter of 2011 was $1.8 billion, a 20% increase compared with the third quarter of 2010, reportedly due to higher selling prices. Operating earnings (excluding restructuring charges) in the third quarter of 2011 were $263 million, vs. $266 million in the same period of 2010. Operating earnings in the third quarter of 2011 included $11 million of costs from an unplanned outage of an olefin cracking unit in Longview, TX, and $8 million from an acetyl technology license.
Sales revenue for the Coatings, Adhesives, Specialty Polymers and Inks segment increased 14%, primarily due to higher selling prices issued in response to higher raw material and energy costs. Operating earnings in the third quarter of 2011 were $82 million, compared to $89 million in the third quarter of 2010.
“Third quarter 2011 operating earnings reflect solid performance across the company,” said Jim Rogers, chairman and CEO. “Going forward, the strength of our core businesses and balance sheet gives us confidence our earnings will remain resilient despite the economic uncertainty.”
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