Eastman Chemical Q1 earnings rise

25 Apr '08

3 min read

Eastman Chemical Company announced earnings from continuing operations of $1.46 per diluted share for first quarter 2008 versus $1.10 per diluted share for first quarter 2007.

Excluding the items described in the following paragraph, first-quarter 2008 earnings from continuing operations were $1.48 per diluted share, while first-quarter 2007 earnings from continuing operations were $1.19 per diluted share.

For reconciliations to reported company and segment earnings, see Tables 3, 5 and 6 in the accompanying first-quarter 2008 financial tables. For discussion of discontinued operations, see “Discontinued Operations” paragraph in this release.

Included in the results for first quarter 2008 were asset impairments and restructuring charges of $17 million ($12 million after tax), primarily severance and pension charges from the decision to close a previously impaired site in the United Kingdom, accelerated depreciation costs of $2 million ($1 million after tax), and net deferred tax benefits of $11 million. First- quarter 2007 results included accelerated depreciation costs of $14 million ($9 million after tax).

"Despite considerable economic uncertainty in the U.S., our first-quarter earnings per share excluding items increased by 24 percent year-over-year,” said Brian Ferguson, chairman and CEO.

"We continue to make good progress offsetting high and volatile raw material and energy costs, and we also benefit from our global geographic profile and diverse product portfolio."

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