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Eastman Fibers registers highest operating earnings in 2007
25
Jan '08
Eastman Chemical Company announced earnings of $1.21 per diluted share for fourth quarter 2007 versus earnings of $1.12 per diluted share for fourth quarter 2006. Earnings per diluted share from continuing operations were $1.25 for fourth quarter 2007 compared with $1.26 for fourth quarter 2006.

Results from discontinued operations were a loss of $0.04 per diluted share for fourth quarter 2007 compared with a loss of $0.14 per diluted share for fourth quarter 2006. For additional information about discontinued operations, see the "Discontinued Operations" section of this news release.

Excluding the items described below for both periods, fourth-quarter 2007 earnings from continuing operations were $1.27 per diluted share, while fourth-quarter 2006 earnings from continuing operations were $1.14 per diluted share. For reconciliations to reported company and segment earnings, see Tables 3, 5, and 6 in the accompanying fourth-quarter and full-year 2007 financial tables.

Included in the earnings from continuing operations before taxes for fourth quarter 2007 were accelerated depreciation costs of $12 million and reductions to previously recognized asset impairments and restructuring charges resulting in a gain of $4 million.

Fourth-quarter 2006 earnings from continuing operations before taxes included accelerated depreciation costs of $10 million, asset impairments and restructuring charges of $78 million, and other operating income of $68 million.

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