Eastman Breaks Records in Second-Quarter Financial Report

August 5th, 2015 by Casey Flores

Eastman Chemical Company, parent company to LLumar, Suntek and other window film brands, recently announced its earnings for the second quarter 2015.

The company earned $2.01 per diluted share for second quarter 2015 versus $1.92 per diluted share for second quarter 2014. Reported earnings were $1.98 per diluted share for second quarter 2015 versus $1.92 per diluted share for second quarter 2014.

“Our record results in second quarter and strong performance in the first half of the year demonstrate the quality of our robust specialty portfolio, the value of our acquisitions, and most importantly our ability to focus on execution and deliver results,” says Mark Costa, chairman and CEO. “We remain confident we will deliver our sixth consecutive year of solid earnings growth in 2015.”

According to the company, sales revenue for second quarter 2015 was $2.5 billion, a 3 percent increase compared with second quarter 2014, primarily due to sales revenue from Eastman acquiring Commonwealth Laminating and Coating and two other companies in 2014. Had the company not acquired Commonwealth, sales revenue would have been lower, as the increased sales from the film business “partially offset … an unfavorable shift in foreign currency exchange rates.”

Operating earnings for the advanced materials segment, under which window film falls, increased to $135 million for second quarter 2015 compared with $80 million for second quarter 2014. Operating earnings also benefited from earnings from the acquired business.

Costa says the results were “record second quarter earnings” and expects the performance to continue throughout the year.

Here are the results, in a snapshot:

(In millions, except per share amounts)Q2 2014Q2 2015Percent Change
Sales revenue$2,460$2,533+ 2.9%
Earnings per diluted share  $1.92  $1.98+ 3.0 %
Earnings per diluted share excluding
non-core items*
$1.92$2.01+ 4.5 %
Net cash provided by operating activities   $419   $591+ 29.1 %
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