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

Courtesy: Ministry of Trade and Industry, Singapore

Textiles | On 22nd Feb 2018

Final version of CPTPP pact released; to be signed in March

The final version of the Comprehensive and Progressive Agreement for...

Amazon India crosses 3 lakh seller base in less than 5 yrs

Apparel/Garments | On 22nd Feb 2018

Amazon India crosses 3 lakh seller base in less than 5 yrs

Amazon recently claimed to have crossed the three-lakh seller base in ...

Indian e-retail market may see 250% growth in 3 yrs: Crisil

Apparel/Garments | On 22nd Feb 2018

Indian e-retail market may see 250% growth in 3 yrs: Crisil

India’s e-retail market may rise by 250 per cent in the next three...

Interviews View All

Headhonchos
Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Sanjukta Dutta
Sanjukta's Studio

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

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

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

February 2018

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
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

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
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

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
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

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
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


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