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

Textiles | On 29th Jun 2017

Nan Ya files trade petition in US against Korea & Taiwan

Nan Ya Plastics Corporation, America, a US synthetic fibre producer,...

Textiles | On 29th Jun 2017

Indian textile industry will reach new milestone by 2020

By 2020, textile technologies will be highly advanced not only with...

Apparel/Garments | On 29th Jun 2017

Amazon intends to keep investing and growing in India

American online retail giant Amazon intends to keep investing and...

Interviews View All

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Lynda Kelly
Suominen Corporation

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

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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

news category


Related Categories:
July 2017

July 2017

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

SUBSCRIBE


Browse Our Archives

GO


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



X