Eastman Chemical Co. Provides Earnings Guidance for the Year 2013; Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
January 31, 2013 at 05:29 pm
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Eastman Chemical Co. provided earnings guidance for the year 2013. The company is increasing its expectation for 2013 earnings per share from continuing operations to between $6.30 and $6.40.
The company reported unaudited earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported operating loss of $44 million, loss from continuing operations before income taxes of $86 million and loss from continuing operations of $52 million on sales of $2,169 million compared to operating earnings of $19 million, earnings from continuing operations before income taxes of $5 million and earnings from continuing operations of $12 million on sales of $1,723 million reported a year ago. Loss from continuing operations, net of tax attributable to Eastman stockholders was $54 million or $0.35 per diluted share compared to net earnings from continuing operations, net of tax attributable to Eastman stockholders of $12 million or $0.09 per diluted share reported a year ago. Net loss attributable to Eastman stockholders was $54 million or $0.35 per diluted share compared to net earnings attributable to Eastman stockholders of $12 million or $0.09 per diluted share reported a year ago. Net cash provided by operating activities was $440 million compared to $352 million a year ago. Additions to properties and equipment were $168 million compared to $124 million a year ago. Fourth quarter 2012 included sales revenue from the acquired solutia businesses. Pro forma combined sales revenue declined 4% due primarily to lower selling prices. The lower selling prices were primarily due to lower raw material and energy costs.
For the year, the company reported operating earnings of $800 million, earnings from continuing operations before income taxes of $649 million and earnings from continuing operations of $443 million on sales of $8,102 million compared to operating earnings of $937 million, earnings from continuing operations before income taxes of $881 million and earnings from continuing operations of $607 million on sales of $7,178 million reported a year ago. Net earnings from continuing operations, net of tax attributable to Eastman stockholders were $436 million or $2.92 per diluted share compared to $646 million or $4.24 per diluted share reported a year ago. Net earnings attributable to Eastman stockholders were $437 million or $2.93 per diluted share compared to $646 million or $4.52 per diluted share reported a year ago. Net cash provided by operating activities was $1.128 million compared to $625 million a year ago. Additions to properties and equipment were $465 million compared to $457 million a year ago.
Eastman Chemical Company is specialized in the manufacturing and the marketing of chemicals, fibers and plastics. Net sales break down by family of products as follows:
- special plastics (31.8%);
- additives, solvents, adhesives and polymers of specialties (30.8%);
- performance chemical and intermediate products (23.3%);
- fibers (14.1%): including fibers of cellulose acetate.
Net sales are distributed geographically as follows: the United States and Canada (44.842.7%), Europe/Middle East/Africa (27.8%), Asia/Pacific (24.2%) and Latin America (5.3%).
Eastman Chemical Co. Provides Earnings Guidance for the Year 2013; Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2012