Home / Knowledge / News / Textiles / Q2 revenue up 3% at Eastman Chemical
Q2 revenue up 3% at Eastman Chemical
29
Jul '15
Revenue for the three months to June 30, 2015 at speciality chemicals producer Eastman Chemical Company rose 3 per cent year over year.

“Revenue for the second quarter of 2015 amounted to $2.5 billion, up 3 per cent over the same period of previous year,” a press release from Eastman Chemical said.

“The sales growth primarily came from revenue from Taminco Corporation, Commonwealth Laminating & Coating Inc., and aviation turbine oil businesses acquired in 2014,” it added.

This was partially offset by lower selling prices, particularly in the specialty fluids & intermediates segment, lower fibres segment sales volume, and an unfavourable shift in foreign currency exchange rates.

Second-quarter of 2015 operating earnings touched $480 million, down from $441 million in the second quarter of 2014.

“The increase was primarily due to advanced materials segment earnings growth, earnings from acquired businesses, and improved spread,” Eastman explained.

These items were partially offset by propane hedges, lower fibre segment sales volume, and also an unfavourable shift in foreign currency exchange rates.

Reported second-quarter of 2015 operating earnings stood at $469 million as against $436 million for the corresponding quarter of the previous year.

Eastman reported earnings, excluding non-core items, of $2.01 per diluted share for the quarter under review versus $1.92 per diluted share for second quarter of 2014.

Reported earnings were $1.98 per diluted share for the reporting quarter versus $1.92 per diluted share for the prior year second quarter.

Eastman generated $591 million in cash from operating activities during the reporting quarter primarily due to strong net earnings.

Priorities for uses of available cash include payment of the quarterly dividend, repayment of debt, and funding targeted growth initiatives.

“Net debt, defined as borrowings minus cash and cash equivalents, declined by $393 million during the second quarter of 2015,” it informed.

“Our record results in second quarter demonstrate the quality of our robust specialty portfolio, the value of acquisitions, and our ability to focus on execution and deliver results,” CEO Mark Costa said.

“We remain confident we will deliver our sixth consecutive year of solid earnings growth in 2015,” Costa too added by saying.

On its outlook for full year 2015, Costa also said, “We face challenges in the second half of the year from the global economic slowdown, volatile raw material and energy prices, and the strengthening US dollar.”

“Despite these challenges, we remain confident that we will deliver a sixth consecutive year of solid earnings growth and continued strong cash flow,” he observed. (AR)

Fibre2Fashion News Desk - India


Must ReadView All

Textiles | On 24th Jul 2017

Govt extends deadline for GST composition scheme to Aug 16

The Government on India has extended the deadline for small...

L-R: Dhanapal, JMD, Best Corporation; Prabhu Damodaran, Convenor, ITF; Narayanasamy, MD, Micro Cotspin; Senthilnathan, MD Rasitex India; and Sabapathy, MD, Prasanna Spinning Mills

Textiles | On 24th Jul 2017

TN mills seek partnership with cotton growing states

Spinning mills in Tamil Nadu are seeking stronger partnership with...

Textiles | On 24th Jul 2017

Irani terms GST as a ‘great step towards transparency’

Union textiles minister Smriti Irani has termed the Goods and...

Interviews View All

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Lynda Kelly
Suominen Corporation

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

Steve Cole
Xerium Technologies

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

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Pranav Mishra
Huemn

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

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

July 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

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


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



X