31 July 2012 15:23 [Source: ICIS news]
HOUSTON (ICIS)--Eastman Chemical expects the European economy to continue to perform at below normal levels, but it will not further deteriorate going forward, the CEO of the US-based producer said on Tuesday.
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“There seems to be a disconnect between the talking heads on TV back here and what the guys in the trenches in
Eastman’s second-quarter sales for European,
As a percentage of sales, EMEA contributed 17.8% to Eastman’s overall second-quarter sales of $1.85bn (€1.52bn), down from 19.6% in the 2011 second quarter.
Meanwhile, second-quarter European sales of Eastman’s recently acquired Solutia business also declined, partly because of a weak European car market, as well as the stronger US dollar versus the Europe.
In Asia Pacific, Eastman saw weaker second-quarter growth but the company does not expect to further weakening there either,
Eastman, for its part, expects to achieve double-digit year-on-year earnings growth this year, despite the persistent global economic uncertainty, Rogers said.
The company maintained its previous 2012 earnings per share guidance at $5.30, reflecting an increase of about 10% from 2011.
($1 = €0.82)
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