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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

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