Eastman Chemical Profit Tops Estimate; Provides Weak Earnings Guidance For FY15

(RTTNews) - Eastman Chemical Co (EMN) on Thursday reported fourth-quarter net earnings of $16 million or $0.11 per share compared with $346 million or $2.22 per share last year.

Results for the quarter included a loss of $1.35 per share related to mark-to-market pension and other postretirement benefit plans, compared with a gain of $1.15 per share in the prior year.

Excluding items, adjusted earnings for the quarter were $1.64 per share compared with $1.35 per share a year ago.

Revenues for the quarter were up 4% at $2.35 billion compared with $2.27 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $1.52 per share on revenues of $2.34 billion for the quarter. Analysts' estimates typically exclude special items.

For the full year 2015, the company expects adjusted earnings to be same as in 2014, when it reported $7.07 per share. Analysts expect earnings of $7.45 per share for the year.

""We enter 2015 well positioned to benefit from our strong portfolio of specialty businesses, including the accretive acquisitions we completed in 2014... In the short-term, we also face challenges including continued global economic uncertainty, volatile oil prices, and the recent strengthening of the U.S. dollar," the company said.

In December, Eastman acquired Taminco Corp, a specialty chemical company, and Commonwealth Laminating & Coating Inc, a specialty films business.