27 April 2012 00:13 [Source: ICIS news]
HOUSTON (ICIS)--Net income for Eastman Chemical fell to $158m (€120m) in the first quarter, a 34% decline from $240m in the same period of 2011, the US company reported on Thursday.
Much of the decline came from costs stemming from Eastman’s planned purchase of Solutia and lower earnings from three of its four chemical divisions, according to the Tennessee-based firm’s earnings release.
Eastman’s sales for the first quarter totalled $1.82bn, up 4% over 1.75bn in the same period of 2011, mainly due to higher selling prices.
Eastman chief Jim Rogers said the company was on track to close the Solutia acquisition by mid-2012.
The fibers division was the only Eastman segment showing higher operating earnings year over year, of $101m vs. $86m in the same period of 2011.
Coatings and adhesives operating profits fell about 6% to $98m from $104m; performance chemicals and intermediates dropped 18% to $77m from $94m; and specialty plastics declined 14% to $30m from $35m.
($1 = €0.76)
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