“Our outstanding results in 2013 represent the fourth consecutive year of strong earnings growth for Eastman,” said Mark Costa, CEO. “This high level of performance continues to be driven by our market-leading businesses, balanced deployment of our solid cash flow, and the significant actions we have taken to improve our portfolio.”
Corporate 4Q 2013 versus 4Q 2012
Sales revenue for fourth quarter 2013 was $2.3 billion, a 4 percent increase compared with fourth quarter 2012 due primarily to higher sales volume in the Additives & Functional Products, Advanced Materials, and Fibers segments.
Operating earnings in fourth quarter 2013 were $562 million compared to a loss of $44 million in fourth quarter 2012. Excluding the non-core or non-recurring items described in Tables 3 and 4, fourth-quarter 2013 operating earnings were $329 million compared to $326 million in fourth quarter 2012.
Segment Results 4Q 2013 versus 4Q 2012
Advanced Materials – Sales revenue increased primarily due to higher sales volume of Eastman Tritan copolyester, and higher sales volume of other copolyesters sold into the packaging market. Excluding non-core or non-recurring items in both periods, operating earnings increased to $45 million in fourth quarter 2013 compared to $29 million in fourth quarter 2012.
The increase was primarily due to improved capacity utilization which led to lower unit costs, attributed to increased demand for specialty plastics products, especially for Eastman Tritan copolyester, and efforts in fourth quarter 2012 to reduce inventory in specialty plastics and interlayers product lines.
Fibers – Sales revenue increased primarily due to sales of acetate flake to the new China acetate tow joint venture and higher selling prices for acetate tow in response to higher raw material and energy costs. Excluding non-core or non-recurring items in fourth quarter 2012, operating earnings increased to $119 million in fourth quarter 2013 compared with $93 million in fourth quarter 2012 primarily due to higher selling prices partially offset by higher raw material and energy costs, and higher sales volume.
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