Eastman Chemical Company announced earnings from continuing operations
of $0.71 per diluted share for fourth quarter 2011 versus $0.11 per
diluted share for fourth quarter 2010. Excluding $26 million of asset
impairments and restructuring charges and $115 million of early debt
extinguishment costs, fourth-quarter 2010 earnings from continuing
operations were $0.70 per diluted share. "Despite a challenging and
uncertain economic environment during the quarter, we delivered
earnings per share that are among our best for a fourth quarter, and
our full-year EPS was the best in our history," said Jim Rogers,
Chairman and CEO. "Given the strength of our businesses and our solid
balance sheet, we remain well positioned for full-year 2012 EPS
growth."
Sales revenue for fourth quarter 2011 was $1.7 billion, an 18 percent
increase compared to fourth quarter 2010 primarily due to increased
selling prices and higher sales volume. The increase in selling prices
was in response to higher raw material and energy costs, particularly
for paraxylene, propane, and wood pulp. The higher sales volume was
primarily in the Performance Chemicals and Intermediates segment.
Operating earnings in fourth quarter 2011 were $163 million compared
to $161 million in fourth quarter 2010. Excluding asset impairments
and restructuring charges, fourth-quarter 2010 operating earnings were
$187 million. Operating earnings declined, excluding fourth quarter
2010 asset impairments and restructuring charges, primarily in the
Specialty Plastics and PCI segments.
Coatings, Adhesives, Specialty Polymers and Inks â€" Sales revenue
increased by 12 percent primarily due to higher selling prices which
were in response to higher raw material and energy costs, particularly
for propane. Operating earnings in fourth quarter 2011 were $52
million while fourth-quarter 2010 operating earnings excluding
restructuring charges were $53 million. Operating earnings were
slightly lower as higher raw material and energy costs were mostly
offset by higher selling prices.
Fibers â€" Sales revenue increased by 8 percent primarily due to
higher selling prices in response to higher raw material and energy
costs, particularly for wood pulp, as well as higher acetate tow
volume in Asia Pacific. Fourth-quarter 2011 operating earnings were
$80 million while fourth-quarter 2010 operating earnings excluding
restructuring charges were $78 million. Operating earnings in fourth
quarter 2011 increased due to higher acetate tow sales volume and
higher selling prices, partially offset by higher raw material and
energy costs.
Eastman's full-year 2011 sales revenue was $7.2 billion, an increase
of 23 percent year over year. The increase was primarily due to
increased selling prices and higher sales volume. Selling prices
increased in response to higher raw material and energy costs,
primarily for propane, paraxylene, and wood pulp. The higher sales
volume was primarily dueto growth in PCI plasticizer product lines,
the fourth-quarter 2010 restart of a previously idled olefins cracking
unit at the Longview, Texas, facility, and strengthened end-use demand
primarily for CASPI segment products.
More here:
United States of America:Eastman posts strong sales & earnings for Q4
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