Expects sales volume and eps value to dip in Q4
Eastman Chemical Company has announced earnings from continuing operations of $1.16 per diluted share versus $1.11 per diluted share for the third quarter of 2010. Operating earnings excluding restructuring charges were $263m on sales revenues of $1.8bn – a 20% increase on sales of $1.5bn in Q3 2010.
“Third quarter 2011 opening earnings reflect solid performance across the company,” said Jim Rogers, chairman and ceo of Eastman. “Going forward, the strength of our core businesses and balance sheet gives us confidence our earnings will remain resilient despite the economic uncertainty.
“For the remainder of the year we expect sales volume to decline due to normal seasonality and customer inventory destocking. We also expect continued volatility in raw material and energy costs. As a result, we expect fourth quarter 2011 earnings per share to be higher than fourth quarter 2010 and for full year 2011 earnings per share to be approximately $4.62, excluding asset impairments and restructuring charges and gains.”