24 October 2013 23:28 [Source: ICIS news]
HOUSTON (ICIS)--Eastman Chemical’s third-quarter profits doubled, but the US-based producer said the last three months are usually the weakest of the year and reduced its earnings guidance for 2013 by 1.5%, the company said on Thursday.
Total earnings attributable to Eastman shareholders totalled $308m (€225m), double the $154m reported in the same quarter of 2012. The company reported operating earnings of $479m, up 82% over $263m in the same period last year.
Sales totalled $2.33bn, up 3% over $2.26bn in the third quarter of 2012.
Eastman’s per-share earnings of $1.68 beat the so-called whisper number of analysts by 4 cents/share, but company chairman Jim Rogers suggested the last quarter of the year would bring slower and more realistic returns.
“We also anticipate continued challenges in the Adhesives & Plasticizers segment as well as higher raw material and energy costs,” Rogers said. “We are therefore adjusting our full year 2013 expectation for earnings per share to between $6.30 and $6.40.”
Eastman’s previous earnings guidance projected full-year earnings of $6.40-6.50/share.
Shares of the producer’s NYSE-listed stock (EMN) dropped in after-hours trading following the earnings announcement to $80.50, from $82.18 at the regular market close.
($1 = €0.73)
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