Eastman Announces Fourth-Quarter And Full-Year 2011 Results

Eastman Chemical Company (NYSE:EMN) today announced earnings from continuing operations of $0.71 per diluted share for fourth quarter 2011 versus $0.11 per diluted share for fourth quarter 2010. Excluding $26 million of asset impairments and restructuring charges and $115 million of early debt extinguishment costs, fourth-quarter 2010 earnings from continuing operations were $0.70 per diluted share. For reconciliation to reported company and segment earnings, see Tables 3 and 4 in the accompanying fourth-quarter and full-year 2011 financial tables.

“Despite a challenging and uncertain economic environment during the quarter, we delivered earnings per share that are among our best for a fourth quarter, and our full-year EPS was the best in our history,” said Jim Rogers, Chairman and CEO. “Given the strength of our businesses and our solid balance sheet, we remain well positioned for full-year 2012 EPS growth.”
 

(In millions, except per share amounts)
 

4Q2011
 

4Q2010
 

FY2011
 

FY2010
 
Sales revenue $ 1,723 $ 1,463 $ 7,178 $ 5,842
 

Earnings per diluted share from continuing operations
$ 0.71 $ 0.11 $ 4.59 $ 2.88
 

Earnings per diluted share from continuing operations excluding asset impairments and restructuring charges (gains), net, and early debt extinguishment costs*
$ 0.71 $ 0.70 $ 4.56 $ 3.48
 
Net cash provided by operating activities $ 352 $ 278 $ 625 $ 575
 

*For reconciliations to reported company and segment earnings, see Tables 3 and 4 in the accompanying fourth-quarter and full-year 2011 financial tables.
 

Sales revenue for fourth quarter 2011 was $1.7 billion, an 18 percent increase compared to fourth quarter 2010 primarily due to increased selling prices and higher sales volume. The increase in selling prices was in response to higher raw material and energy costs, particularly for paraxylene, propane, and wood pulp. The higher sales volume was primarily in the Performance Chemicals and Intermediates segment.

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