Eastman Announces Third-Quarter 2014 Financial Results - Seite 3

Cash Flow

Eastman generated $560 million in cash from operating activities during third quarter 2014 driven by strong earnings. During the quarter the company reduced commercial paper borrowings by $211 million and repurchased shares totaling $50 million.

Outlook

Commenting on the outlook for full year 2014, Costa said:  "Our portfolio of businesses has delivered strong earnings year-to-date as we continue to benefit from leadership positions in key markets, the diversity of end-markets and geographies we serve, and market adoption of our premium products. During the fourth quarter, we expect strong results as demand remains solid with normal seasonality, product mix improvement continues, and raw material and energy costs are a tailwind. We therefore expect 2014 earnings per share to approach $7, delivering our fifth consecutive year of earnings growth." Non-core and non-recurring items are excluded from the earnings per share projection.

The earnings for 2013, 2012, 2011, 2010, and 2009 referenced in the second paragraph and in the "Outlook" section of this release are non-GAAP and exclude the non-core or non-recurring items detailed, with reconciliation to GAAP earnings, in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the company's Annual Reports on Form 10-K for 2013, 2012, and 2011.

Eastman will host a conference call with industry analysts on October 31, 2014 at 8:00 a.m. ET. To listen to the live webcast of the conference call and view the accompanying slides, go to www.investors.eastman.com, Events & Presentations. To listen via telephone, the dial-in number is 913-312-0851, passcode number 3776873. A web replay, a replay in downloadable MP3 format, and the accompanying slides will be available at www.investors.eastman.com, Events & Presentations. A telephone replay will be available continuously from 11:00 a.m. ET, October 31, to 11:00 a.m. ET, November 10, 2014 at 888-203-1112 or 719-457-0820, passcode 3776873.

Forward-Looking Statements: This news release includes forward-looking statements concerning current expectations for future global and regional economic conditions; mix of products sold; raw material and energy costs; and non-core or non-recurring costs, charges, income, and gains; and revenue, earnings, and cash flow for full year 2014. Such expectations are based upon certain preliminary information, internal estimates, and management assumptions, expectations, and plans, and are subject to a number of risks and uncertainties inherent in projecting future conditions, events, and results. Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions or expectations prove to be inaccurate or are unrealized. Important factors that could cause actual results to differ materially from such expectations are and will be detailed in the company's filings with the Securities and Exchange Commission, including the Form 10-Q filed for second quarter 2014 available, and the Form 10-Q to be filed for third quarter 2014 and to be available, on the Eastman web site at www.eastman.com in the Investors, SEC filings section.