Eastman Reports Earnings Increase

https://www.chemnet.com   Apr 30,2010

　　Eastman Chemical Co. announced earnings of $1.37 per diluted share for first quarter 2010 vs. 3 cents per diluted share for first quarter 2009.

　　Excluding restructuring charges of $26 million, first quarter 2009 earnings were 25 cents per diluted share.

　　“With volumes recovering and product mix improving, our first quarter earnings demonstrated the strength of our core businesses,”said Jim Rogers, president and CEO.“The combination of these solid businesses and the strategic actions we have taken have positioned us well to take full advantage of the economic recovery.”

　　Sales revenue for first quarter 2010 was $1.6 billion, a 39 percent increase compared with first quarter 2009 primarily due to higher sales volume, a favorable shift in product mix, and higher selling prices. The higher sales volume was due primarily to improved customer demand compared with the depressed levels in first quarter 2009 and the increase in selling prices was in response to higher raw material and energy costs.

 Print  |    add to Favorites  |    Close