Eastman Chemical Q3 Profit Down

(RTTNews) - Eastman Chemical Co. (EMN) reported that its net earnings attributable to stockholders for third quarter 2014 declined to $210 million from $308 million last year. Reported earnings were $1.39 per share versus $1.97 per share in the prior year.

Earnings, excluding non-core or non-recurring items, of $1.89 per share versus $1.68 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.80 per share. Analysts' estimates typically exclude special items.

Excluding the items, operating earnings for third quarter 2014 were $427 million compared with $405 million for third quarter 2013 primarily due to increased Advanced Materials and Adhesives & Plasticizers earnings. Reported third-quarter 2014 operating earnings were $338 million compared with $479 million for third quarter 2013.

Sales revenue was $2.4 billion, a 3 percent increase compared with third quarter 2013. Wall Street expected revenues of $2.41 billion for the quarter.

During the fourth quarter, the company expects strong results as demand remains solid with normal seasonality, product mix improvement continues, and raw material and energy costs are a tailwind. It expects 2014 earnings per share to approach $7, delivering its fifth consecutive year of earnings growth. Analysts expect annual earnings of $6.86 per share. Non-core and non-recurring items are excluded from the earnings per share projection.