2010-07-30 [Source: Reuters]

NEW YORK, July 29 - Eastman Chemical Co (EMN.N) said on Thursday its second-quarter profit more than doubled as sales jumped in all units and the maker of specialty plastics guided its third-quarter earnings to a range above expectations.

For the period ended June 30, the company posted net income of $148 million, or $2.02 per share, compared with $65 million, or 89 cents per share, in the year-ago period.

Excluding one-time items, the company posted profit of $2.05 per share. By that measure, analysts expected earnings of $1.65 per share, according to Thomson Reuters I/B/E/S.

Revenue rose 37.6 percent to $1.72 billion. Analysts expected $1.63 billion.

Sales and volume rose at all five of the company's business units and pricing rose at all but one, the fibers unit, where it slipped 1 percent.

Eastman expects third-quarter profit of $1.65 to $1.75 per share. Analysts expect $1.34 per share for that period.

"Our strong first half results give us positive momentum heading into the second half of the year," Chief Executive Jim Rogers said in a statement. "We expect to continue to benefit from the combination of the economic recovery and growth initiatives we are implementing."

The Kingsport, Tennessee-based company said in April it might put its struggling plastic packaging business up for sale.