Eastman Q1 earnings jump 56% on increased sales

25 April 2013 23:41  [Source: ICIS news]

HOUSTON (ICIS)--First-quarter earnings for Eastman jumped 56% on increased sales in most of the chemical producer’s five segments, the company reported on Thursday.

Net earnings totalled $247m (€190bn) during the period, compared with $158m in the first quarter of 2012.

Eastman’s sales during the period totalled $2.307bn, up by almost 27% compared with $1.821bn in the same quarter last year.

Sales revenues jumped 59% at the producer’s additives and functional products segment and by 100% in its advanced materials division, according to the company.

The company’s only segment with a sales revenue decline was in adhesives and plasticizers, which fell about 8% because of weakened demand for adhesives resins sold into consumables markets, according to Eastman.

Eastman Chairman Jim Rogers said the company continues to expect 2013 full-year earnings per share of $6.30-6.40 per share.

“For full-year 2013, we remain on track to achieve a fourth consecutive year of double-digit earnings growth while also generating strong cash flow,” Rogers said.

($1 = €0.77)

By: Lane Kelley
+1 713 525 2653

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