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Eastman Chemical reports FY sales earnings up 7%

27 Jan '06

2 min read

Tennessee based largest polyester & fibre producer Eastman Chemical Company has posted earnings of $0.81 per diluted share for fourth quarter 2005 versus earnings of $0.68 per diluted share for fourth quarter 2004.

Excluding the items described below for both periods, fourth-quarter 2005 earnings were $0.90 per diluted share, while fourth-quarter 2004 earnings were $0.69 per diluted share. For reconciliation to reported earnings, see Table 8 in the accompanying fourth-quarter and full-year 2005 financial tables.

Included in the results for fourth quarter 2005 were asset impairments and restructuring charges of $10 million, while fourth-quarter 2004 results included asset impairments and restructuring charges of $18 million and other operating income of $7 million.

Brian Ferguson, Chairman and Chief Executive Officer, said, "I'm extremely pleased with the progress that Eastman made this year."

"Both full-year and fourth-quarter 2005 earnings per share were the best in 10 years, and our 2005 sales revenue was the best in the company's history. Recent structural changes we have implemented, along with the dedication of Eastman employees throughout the company, were key contributors to these outstanding results," he added.

Operating earnings in fourth quarter 2005 were $112 million compared with operating earnings in fourth quarter 2004 of $46 million. In fourth quarter 2005, raw material and energy costs increased by approximately $100 million compared with fourth quarter 2004.

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