Home / Knowledge / News / Textiles / Fibers sales revenue declines at Eastman
Fibers sales revenue declines at Eastman
29
Jan '10
Eastman Chemical Company announced a loss of $0.44 per diluted share for fourth quarter 2009 versus a loss of $0.03 per diluted share for fourth quarter 2008. Excluding the items described below for both periods, fourth-quarter 2009 earnings were $1.14 per diluted share, while fourth-quarter 2008 earnings were $0.05 per diluted share. For reconciliations to reported company and segment earnings, see Tables 3 and 5 in the accompanying financial tables.

Included in results for fourth quarter 2009 were non-cash asset impairments and restructuring charges, net, of $177 million, primarily for the discontinued Beaumont, Texas, industrial gasification project. Fourth-quarter 2008 results included asset impairments and restructuring charges, net, of $24 million, accelerated depreciation costs of $1 million, and other operating income of $16 million.

“The strategic portfolio actions that have strengthened our core businesses and the decisive actions to reduce costs in response to the global recession led to solid performance in 2009 that was significantly better than the last recession,” said Jim Rogers, president and CEO. “We are well positioned for earnings to improve going forward as the global economy rebounds, and we remain focused on strong cash generation.”

Sales revenue for fourth quarter 2009 was $1.3 billion, a 1 percent decline compared to fourth quarter 2008. Fourth-quarter 2009 and 2008 sales revenue included contract ethylene sales, and fourth quarter 2008 sales revenue also included contract polymer intermediates sales. Excluding these sales, revenue increased 2 percent as sales volume increased 12 percent and selling prices declined 10 percent. The increase in sales volume was due to improved demand compared to the depressed level in fourth quarter 2008 while selling prices declined due to the global recession. For reconciliations to reported company and segment sales revenue, see Tables 2 and 4 in the accompanying financial tables.

Operating results in fourth quarter 2009 were a loss of $30 million compared to operating earnings of $5 million in fourth quarter 2008. Excluding asset impairments and restructuring charges, net, fourth-quarter 2009 operating earnings were $147 million. Fourth-quarter 2008 operating earnings, excluding asset impairments and restructuring charges, net, accelerated depreciation costs, and other operating income, were $14 million. The increase in operating earnings was primarily due to lower raw material and energy costs, increased sales volume and the favorable impact of higher capacity utilization, and cost reduction actions, partially offset by lower selling prices.

Click here for more details.

Eastman Chemical Company

Must ReadView All

Textiles | On 19th Jan 2017

Union Budget: Textile sector expects excise duty revisions

Excise duty on man-made fibres should be reduced to bring it on par...

Apparel/Garments | On 19th Jan 2017

Apparel brand Mango adapts website for Middle East region

Spanish apparel brand Mango has unveiled an adapted version of its...

Apparel/Garments | On 18th Jan 2017

Government considering 100% FDI in single brand retail

The Government of India is looking at allowing 100 per cent foreign...

Interviews View All

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Marten Alkhagen
Swerea IVF AB

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

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Pranav Mishra
Huemn

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

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search