Eastman Chemical Posts Huge Beat; Guides Higher (EMN)

Eastman Chemical Co. EMN reports Q2 earnings of $2.02 versus estimates of $1.65. Eastman Chemical Co. reports Q2 revenues of $1.72 billion versus estimates of $1.63 billion. Revenues increased 37.6% year over year. The company said that Q3 EPS would now be in the range of $1.65 to $1.75 with FY 2010 EPS in the range of $6.20 to $6.40; this compares to the Street consensus of $1.34 per share for Q3 and $5.43 per share for FY 2010. "Strong results from our solid core businesses led Eastman to report the best quarterly earnings per share in the company's history," said Jim Rogers, president and CEO. "The record earnings are driven by the combination of a continued rebound in demand across the company and in all regions, growth initiatives that are delivering results, and the positive impact of strategic actions that have improved our portfolio of businesses and our cost structure." Shares of EMN are trading higher in the after-hours by 4.17%.