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Eastman Fibers registers highest operating earnings in 2007
25 Jan '08
3 min read
“Performance in the fourth quarter was solid, completing another strong year for the company," said Brian Ferguson, chairman and CEO.
"Our last three years of earnings per share combined, excluding restructuring related items, is the best three year period of earnings in our history. This is due to the impact of the strategic actions we have taken to improve results combined with the hard work of Eastman employees around the world to innovate, to serve our customers, and to safely and reliably operate our facilities.”
Sales revenue for fourth quarter 2007 was $1.7 billion, a 9 percent increase over fourth quarter 2006. Fourth-quarter 2007 and fourth-quarter 2006 sales revenue included contract ethylene sales resulting from the fourth-quarter 2006 divestiture of the polyethylene business and sales from PET manufacturing facilities and related businesses in Mexico and Argentina divested in the fourth quarter 2007.
Fourth-quarter 2006 sales revenue also included sales from divested product lines. Excluding these items for both periods, sales revenue increased 19 percent due to increased sales volume, higher selling prices in response to higher raw material and energy costs, and revenue from the licensing of acetyl technology. For reconciliations to reported company and segment sales revenue, see Tables 4 and 5 in the accompanying fourth-quarter and year-end 2007 financial tables.
Operating earnings in fourth quarter 2007 were $144 million compared with operating earnings in fourth quarter 2006 of $120 million. Excluding accelerated depreciation costs and reductions to previously recognized asset impairments and restructuring charges, fourth quarter operating earnings were $152 million.
Fourth-quarter 2006 operating earnings, excluding accelerated depreciation costs, asset impairments and restructuring charges, and other operating income were $140 million. The increase in operating earnings was due to higher selling prices offsetting higher raw material and energy costs, earnings from licensing of acetyl technology, and lower general administrative costs. The company's fourth-quarter 2007 raw material and energy costs increased by greater than $100 million compared with fourth quarter 2006.
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"Our last three years of earnings per share combined, excluding restructuring related items, is the best three year period of earnings in our history. This is due to the impact of the strategic actions we have taken to improve results combined with the hard work of Eastman employees around the world to innovate, to serve our customers, and to safely and reliably operate our facilities.”
Sales revenue for fourth quarter 2007 was $1.7 billion, a 9 percent increase over fourth quarter 2006. Fourth-quarter 2007 and fourth-quarter 2006 sales revenue included contract ethylene sales resulting from the fourth-quarter 2006 divestiture of the polyethylene business and sales from PET manufacturing facilities and related businesses in Mexico and Argentina divested in the fourth quarter 2007.
Fourth-quarter 2006 sales revenue also included sales from divested product lines. Excluding these items for both periods, sales revenue increased 19 percent due to increased sales volume, higher selling prices in response to higher raw material and energy costs, and revenue from the licensing of acetyl technology. For reconciliations to reported company and segment sales revenue, see Tables 4 and 5 in the accompanying fourth-quarter and year-end 2007 financial tables.
Operating earnings in fourth quarter 2007 were $144 million compared with operating earnings in fourth quarter 2006 of $120 million. Excluding accelerated depreciation costs and reductions to previously recognized asset impairments and restructuring charges, fourth quarter operating earnings were $152 million.
Fourth-quarter 2006 operating earnings, excluding accelerated depreciation costs, asset impairments and restructuring charges, and other operating income were $140 million. The increase in operating earnings was due to higher selling prices offsetting higher raw material and energy costs, earnings from licensing of acetyl technology, and lower general administrative costs. The company's fourth-quarter 2007 raw material and energy costs increased by greater than $100 million compared with fourth quarter 2006.
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Eastman Chemical Company
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