Home / Knowledge / News / Textiles / EPS down 2.64% at Eastman Chemical in Q3
EPS down 2.64% at Eastman Chemical in Q3
02
Nov '15
Earnings per share went down 2.64 per cent year over year for the third quarter ended September 30, 2015 at speciality chemicals producer Eastman Chemical Company.

For the third quarter of 2015, excluding non-core items, Eastman posted earnings of $1.84 per diluted share versus $1.89 per diluted share for third quarter of 2014.

“Reported earnings were $1.71 per diluted share for the reporting quarter as against $1.39 per diluted share for same period of the previous year,” Eastman Chemical said in a press release.

Sales revenue for quarter under review was down 1 per cent year on year at $2.4 billion, primarily due to sales revenue from the Taminco Corporation and Commonwealth Laminating & Coating businesses.

“These revenues were mostly offset by lower selling prices, particularly in the Specialty Fluids & Intermediates and Additives & Functional Products segments,” it added.

Excluding the non-core items, third-quarter of 2015 operating earnings were $459 million compared with $427 million for third quarter 2014.

“The increase was primarily due to overall lower raw material and energy costs exceeding lower selling prices and earnings from the acquired businesses,” Eastman stated.

It further added that increased volume and improved product mix in Advanced Materials, partially offset by propane hedges and an unfavourable shift in foreign currency exchange rates helped grow operating earnings.

Reported third-quarter of 2015 operating earnings totaled to $432 million compared with $338 million for the comparable period of earlier year.

Eastman generated $368 million in cash from operating activities during the reporting period primarily due to strong net earnings and contributed $90 million to its US defined pension plans during the quarter.

“Priorities for uses of available cash include payment of the quarterly dividend, repayment of debt, and funding targeted growth initiatives,” the company informed.

“Our solid third-quarter earnings once again demonstrate the quality and value of our portfolio transformation to specialty market and product positions,” said Mark Costa, chairman and CEO.

“We remain confident that we will deliver our sixth consecutive year of earnings growth in 2015,” Costa remarked optimistically.

Commenting on the outlook for full year 2015, Costa too stated, “Despite challenges, we remain confident we will deliver a sixth consecutive year of earnings growth and continued strong cash flow.” (AR)

Fibre2Fashion News Desk – India


Must ReadView All

Ethiopia’s Kombolcha Industrial Park attracts foreign firms

Apparel/Garments | On 15th Dec 2017

Ethiopia’s Kombolcha Industrial Park attracts foreign firms

Strategic location, modern factory facilities and proximity to the...

Courtesy: 2XU

Apparel/Garments | On 15th Dec 2017

L Catterton Asia announces JV of GXG and 2XU

L Catterton Asia, the Asian unit of the largest and most global...

15 trade associations urge nations to safeguard WTO system

Apparel/Garments | On 15th Dec 2017

15 trade associations urge nations to safeguard WTO system

Fifteen trade and industry associations from across the world have...

Interviews View All

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search