US Eastman cashes in on recovery as Q1 profit rises to $101m

22 April 2010 22:40  [Source: ICIS news]

HOUSTON (ICIS news)--US polyester producer Eastman Chemical on Thursday reported a 2010 first-quarter net profit of $101m (€76m), up from a $2m gain a year ago because of an improved product mix and rising volumes.

Sales revenue totalled $1.56bn, up 39% from the 2009 period.

Regarding the outlook for 2010, chief executive Jim Rogers said, “We expect to continue to benefit from improved sales volume and higher capacity utilisation, which results in lower unit costs. We also expect raw material and energy costs to remain volatile."

Second-quarter earnings per share would be $1.50-1.60/share as a result, Rogers said.

($1 = €0.75)

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By: Landon Feller
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