Eastman Chemical Company announced earnings of $1.22 per diluted share for second quarter 2007 versus earnings of $1.37 per diluted share for second quarter 2006. Excluding the items described in the following paragraph, second-quarter 2007 earnings were $1.34 per diluted share, while second-quarter 2006 earnings were $1.40 per diluted share.
Included in the results for second quarter 2007 were accelerated depreciation costs of $14 million resulting from continuing actions at the company's Longview, Texas, and Columbia, S.C., facilities and asset impairments and restructuring charges of $2 million primarily related to the recently completed sale of the company's San Roque, Spain, PET facility. Second-quarter 2006 results included asset impairments and restructuring charges of $3 million.
"Our second-quarter results demonstrate that we remain focused on delivering strong earnings from our solid base of businesses," said Brian Ferguson, chairman and CEO. "At the same time, we are making great progress on our strategic initiatives, including two gasification projects in the Gulf Coast."
Sales revenue for second quarter 2007 was $1.9 billion, similar to second quarter 2006. Second-quarter 2007 sales revenue included contract ethylene sales resulting from the fourth-quarter 2006 divestiture of the polyethylene business while second-quarter 2006 sales revenue included sales from divested product lines.
Excluding the contract ethylene sales and sales from the divested product lines, sales revenue increased by 6 percent due primarily to higher selling prices.
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