Home / Knowledge / News / Textiles / Q3 reported EPS slips 29% at Eastman Chemical
Q3 reported EPS slips 29% at Eastman Chemical
04
Nov '14
Reported earnings per diluted share in the third quarter of 2014, at producer of speciality chemicals and NYSE-listed - Eastman Chemical Company, slipped 29% year on-year.

“Reported earnings in the third quarter of 2014 stood at $1.39 per diluted share versus $1.97 per diluted share for third quarter of 2013,” Eastman said.

However, Eastman said earnings excluding non-core or non-recurring items reached $1.89 per diluted share for third quarter of 2014 against $1.68 per diluted share, from the prior year quarter.

In the reporting quarter, Eastman sales amounted to $2.4 billion, up 3 percent from the comparable quarter of 2013.

Third-quarter of 2014 reported operating earnings totalled to $338 million, down 29.46 percent compared with $479 million for third quarter of 2013.

Eastman said fibre segment sales fell mainly from lower acetate tow sales volume, offset by higher selling prices and hike in sales of acetate flake to Eastman's China acetate tow joint venture.

It attributed the lower acetate tow sales volume to additional industry capacity including Eastman’s China acetate tow joint venture and relatively flat demand in China.

However, operating earnings in the fibres division were relatively unchanged as higher selling prices and lower raw material and energy costs were offset by lower acetate tow sales volume.

Revenue from advanced materials segment went up due to higher sales volume across the segment’s portfolio of premium products from continued market adoption.

Excluding non-core or non-recurring items in third quarter of 2014, operating earnings increased primarily due to higher sales volume and improved product mix.

Additives & functional products sales increased primarily due to higher coatings products selling prices and higher sales volume attributed to strengthened demand in key end-markets.

However, excluding non-core or non-recurring items, third quarter of 2014 operating earnings of additives segment fell from higher raw material and energy costs, particularly for propane.

Revenue of adhesives & plasticizers division mounted from higher adhesives resins sales volume, due to stronger end-market demand particularly for packaging and hygiene.

Segment operating earnings also increased primarily due to higher sales volume and higher capacity utilization that resulted in lower unit costs for adhesives resins.

In the specialty fluids & intermediates segment, turnover climbed from higher intermediates selling prices, due to decreased industry supply in multiple intermediates product markets.

Eastman generated $560 million in cash from operating activities during third quarter of 2014, driven by strong earnings and also reduced commercial paper borrowings by $211 million.

The speciality chemicals producer now expects 2014 earnings per share to approach $7 and thereby delivering its fifth consecutive year of earnings growth.

It added that non-core and non-recurring items are excluded from the earnings per share projection. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 20th Aug 2017

PetroVietnam, Vinatex discuss reviving PVTEX plant

Discussions are under way between PetroVietnam and textile and...

Courtesy: Mexx

Fashion | On 20th Aug 2017

RNF acquires Mexx fashion brand

RNF, the Dutch sports and fashion holding, has purchased the global...

Textiles | On 20th Aug 2017

Intertextile Shanghai Home Textiles opens on August 23

Intertextile Shanghai Home Textiles, Asia’s leading platform to meet...

Interviews View All

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

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

August 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
66.7%
No
16.7%
Skip
16.7%

Total Votes: 30

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
43.3%
No
36.7%
Skip
20.0%

Total Votes: 30

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
83.3%
No
6.7%
Skip
10.0%

Total Votes: 30

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
60.0%
No
10.0%
Skip
30.0%

Total Votes: 30


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