checkAd

     475  0 Kommentare Eastman Announces Third-Quarter 2014 Financial Results

    KINGSPORT, Tenn., October 30, 2014 - Eastman Chemical Company (NYSE:EMN) today announced earnings, excluding non-core or non-recurring items, of $1.89 per diluted share for third quarter 2014 versus $1.68 per diluted share for third quarter 2013. Reported earnings were $1.39 per diluted share for third quarter 2014 versus $1.97 per diluted share for third quarter 2013. For detail of the excluded items and reconciliation to reported company and segment earnings, see Tables 3 and 4.

    "With our solid third-quarter sales revenue and earnings, we remain on track for a fifth consecutive year of strong earnings growth despite continued global economic uncertainty," said Mark Costa, chairman and CEO. "We also generated strong cash flow in the quarter which puts us on track for record full-year cash from operations." See the second paragraph under "Outlook" for the items excluded from annual earnings comparisons.

    (In millions, except per share amounts) 3Q2014 3Q2013 
    Sales revenue

    $2,413 $2,338
    Earnings per diluted share

    $1.39 $1.97
    Earnings per diluted share excluding
    non-core or non-recurring items*

    $1.89 $1.68
    Net cash provided by operating activities    $560 $427

    *For reconciliation to reported company and segment earnings, see Tables 3 and 4.  

    Corporate results 3Q 2014 versus 3Q 2013

    Sales revenue was $2.4 billion, a 3 percent increase compared with third quarter 2013. Excluding the items described in Tables 3 and 4, operating earnings for third quarter 2014 were $427 million compared with $405 million for third quarter 2013 primarily due to increased Advanced Materials and Adhesives & Plasticizers earnings. Reported third-quarter 2014 operating earnings were $338 million compared with $479 million for third quarter 2013.

    Segment results 3Q 2014 versus 3Q 2013

    Additives & Functional Products - Sales revenue increased primarily due to higher coatings products selling prices and higher sales volume attributed to strengthened demand in key end-markets. The increase was somewhat offset by lower Crystex® insoluble sulfur rubber additive sales volume, primarily attributed to softened demand in Asia Pacific and Latin America. Excluding non-core or non-recurring items in third quarter 2014, operating earnings decreased primarily due to higher raw material and energy costs, particularly for propane, and development costs of next generation Crystex® insoluble sulfur technology, partially offset by higher selling prices.

    Seite 1 von 4


    GlobeNewswire
    0 Follower
    Autor folgen

    Verfasst von GlobeNewswire
    Eastman Announces Third-Quarter 2014 Financial Results KINGSPORT, Tenn., October 30, 2014 - Eastman Chemical Company (NYSE:EMN) today announced earnings, excluding non-core or non-recurring items, of $1.89 per diluted share for third quarter 2014 versus $1.68 per diluted share for third quarter 2013. …

    Schreibe Deinen Kommentar

    Disclaimer