30 January 2014 23:32 [Source: ICIS news]
HOUSTON (ICIS)--US-based Eastman Chemical reported a $346m Q4 2013 profit on Thursday compared with a loss during the same quarter of 2012 from one-time charges and pension expenses.
Three of five Eastman segments showed year-on-year gains, with the largest percentage increase a 55% jump in operating earnings posted by the firm’s Advanced Materials division. Fibers showed about a 28% gain, while Additives and Functional Products reported a 3.4% increase.
Sales for Q4 totalled $2.27b, up 4.6% over $2.17bn in the same period of 2012.
For the full-year 2013, Eastman reported earnings of $1.17bn, more than double 2012 earnings of $437m.
Eastman chief executive Mark Costa attributed the company’s fourth straight year of earnings growth to market-leading businesses, balanced deployment of cash flow and actions taken to improve the company’s portfolio.
Costa issued full-year earnings guidance for 2014 of $6.70-$7.00 per share, which is below the company’s earnings for 2013 of $7.57 per share.
Costa said Eastman was “well positioned” but faced challenges from increasing raw material and energy costs, “particularly for propane, and continued economic uncertainty.”
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