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Sales revenue up at Eastman's Fibers
01
Nov '11
Eastman Chemical Company announced earnings from continuing operations of $1.16 per diluted share for third quarter 2011 versus $1.11 per diluted share for third quarter 2010.

Excluding $7 million of restructuring charges primarily for severance associated with the acquisition and integration of Sterling Chemicals Inc, earnings from continuing operations were $1.19 per diluted share in third quarter 2011.

“Third-quarter 2011 operating earnings reflect solid performance across the company,” said Jim Rogers, Chairman and CEO. “Going forward, the strength of our core businesses and balance sheet gives us confidence our earnings will remain resilient despite the economic uncertainty.”

Sales revenue for third quarter 2011 was $1.8 billion, a 20 percent increase compared with third quarter 2010 primarily due to higher selling prices.

Operating earnings excluding restructuring charges in third quarter 2011 were $263 million compared with operating earnings of $266 million in third quarter 2010. Operating earnings in third-quarter 2011 included $11 million of costs from an unplanned outage of an olefin cracking unit in Longview, Texas, and $8 million from an acetyl technology license.

Operating earnings in third quarter 2010 included $22 million from the partial settlement of an insurance claim related to a power outage at the Longview, Texas, manufacturing facility. In third quarter 2011 compared with third quarter 2010, higher selling prices more than offset higher raw material and energy costs.

Segment Results 3Q 2011 versus 3Q 2010
Coatings, Adhesives, Specialty Polymers and Inks – Sales revenue increased by 14 percent primarily due to higher selling prices which were in response to higher raw material and energy costs. Operating earnings in third quarter 2011 were $82 million compared with operating earnings of $89 million in third quarter 2010.

Third-quarter 2011 operating earnings included $3 million of costs from the unplanned outage of an olefin cracking unit, while third quarter 2010 operating earnings included $9 million from the partial settlement of an insurance claim. Third-quarter 2011 operating earnings were positively impacted by higher selling prices, which more than offset higher raw material and energy costs.

Fibers– Sales revenue increased by 11 percent due to a favorable shift in product mix and higher selling prices. The favorable shift in product mix was mainly due to higher acetate tow sales volume resulting from increased utilization of the acetate tow manufacturing facility in Korea.

The higher selling prices were in response to higher raw material and energy costs, particularly for wood pulp. Operating earnings in third quarter 2011 increased to $92 million compared with $89 million in thirdquarter 2010 due to higher acetate tow sales volume in Asia Pacific and higher selling prices, mostly offset by higher raw material and energy costs.


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