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Sales down just 1% at Eastman Chemical in 2015
02
Feb '16
Sales revenue in the full year of 2015 at Eastman Chemical, a producer of speciality chemicals was down just 1 per cent year over year to $9.6 billion.

In a press release, Eastman attributed de-growth to sales of products of acquired businesses partially offset by lower selling prices, particularly in the Specialty Fluids & Intermediates segment.

Excluding non-core items, operating earnings for 2015 were $1.7 billion, a 6 per cent year on year increase primarily due to earnings of the acquired businesses and lower raw material and energy costs.

“Reported 2015 operating earnings amounted to $1.4 billion in the fourth quarter of 2015 compared with $1.2 billion in the same quarter of 2014,” it added.

“Excluding the tax impact of non-core items, the full-year 2015 effective tax rate was 25 per cent compared to 26 per cent for full year 2014,” the company explained.

Sales revenue for fourth quarter of 2015 totaled to $2.2 billion versus $2.3 billion for fourth quarter 2014, primarily due to lower selling prices from the Taminco Corporation and Commonwealth Laminating & Coating businesses.

Excluding non-core items, operating earnings in the reporting quarter stood at $343 million compared with $362 million for fourth quarter 2014.

“This happened as earnings from the acquired businesses and increased Advanced Materials sales volume were more than offset by propane hedges and lower acetate tow sales volume,” Eastman observed.

Excluding the tax impact of non-core items, the fourth-quarter of 2015 effective tax rate was 17 per cent, which includes benefit from the extension in December 2015 of favourable U.S. federal tax provisions.

Cash from operating activities was $1.6 billion in 2015, while free cash flow defined as cash from operating activities minus capital expenditures was a record $960 million in 2015.

During 2015 the company reduced net debt defined as total borrowings less cash and cash equivalents by $589 million, while, contributing $125 million to its US defined benefit pension plans.

“We delivered our sixth consecutive year of solid earnings growth and record cash from operations in 2015,” said Mark Costa, chairman and CEO.

“These results reflect the strength and robustness of our strategy to transform towards a specialty portfolio as we managed through a very challenging global business environment,” he too added.

“We benefitted from volume growth in specialty businesses, mix upgrade in Advanced Materials from growth of high value, innovative products and continued disciplined cost management,” Costa stated. (AR)

Fibre2Fashion News Desk – India

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