US Eastman on track to double EPS by 2012

07 May 2008 17:31  [Source: ICIS news]

HOUSTON (ICIS news)--US producer Eastman Chemical is on track to meet its goal of doubling earnings per share (EPS) by 2012, an executive said on Wednesday at a conference.

With 2008 EPS projected at $5 (€3), $3/share growth in existing businesses and $2/share growth from industrial gasification would allow Eastman to achieve $10 EPS by 2012, said Rich Lorraine, chief financial officer.

He was speaking at Bank of America’s 2008 BASics/Industrials Conference.

Stockholder equity has doubled since 2003 while net debt has been cut in half, Lorraine said.

Company restructuring and the divestiture of high-cost assets have helped Eastman reduce its exposure to business cycles, Lorraine said, adding that geographic and product diversity serve to shield the company against GDP variability.

($1 = €0.64)

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By: Landon Feller
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