Last $70.89 USD
Change Today +2.25 / 3.28%
Volume 4.1M
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As of 8:04 PM 01/30/15 All times are local (Market data is delayed by at least 15 minutes).

eastman chemical co (EMN) Key Developments

Eastman Chemical Company to Double Crystex Insoluble Sulfur Capacity in Kuantan, Malaysia

Eastman Chemical Company announced that it intends to proceed with plans to double Crystex insoluble sulfur capacity in Kuantan, Malaysia with this technology as well, which the company expects be operational in the first half of 2017.

Eastman Chemical Company Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for Fiscal 2015

Eastman Chemical Company reported unaudited earnings results for the fourth quarter and full year ended December 31, 2014. The company reported fourth quarter net income attributable of $16 million or $0.11 per diluted share, compared with the prior-year period's $346 million or $2.22 per diluted share. Adjusted net income was $362 million or $1.64 per share, ex one-time items, versus $329 million or $1.35 per share in the same quarter the previous year. Revenue was $2.349 billion, up 4% from $2.265 billion in the same quarter last year. Excluding the items, operating earnings for fourth quarter 2014 were $362 million compared with $329 million for fourth quarter 2013 primarily due to higher operating earnings across the company. Reported fourth-quarter 2014 operating earnings were $27 million compared with $562 million for fourth quarter 2013. Earnings from continuing operations were $17 million or $0.11 per diluted share against $349 million or $2.22 per diluted share a year ago. Net cash provided by operating activities was $455 million against $503 million a year ago. Additions to properties and equipment were $187 million against $171 million a year ago. Sales revenue increased largely due to continued high sales volume for premium products in the Advanced Materials segment and sales of products of the acquired Taminco businesses. Operating earnings in the fourth quarter also increased, driven by lower raw material energy costs, the higher premium product sales in Advanced Materials and earnings from the acquired businesses, partially offset by higher planned maintenance cost. For the full year, the company reported sales of $9,527 million against $9,350 million a year ago. Operating earnings were $1,162 million against $1,862 million a year ago. Earnings from continuing operations were $755 million or $4.95 per diluted share against $1,172 million or $7.44 per diluted share a year ago. Net earnings attributable to company were $751 million or $4.97 per diluted share against $1,165 million or $7.44 per diluted share a year ago. Net cash provided by operating activities was $1,403 million against $1,297 million a year ago. Additions to properties and equipment were $593 million against $483 million a year ago. Net debt stands at approximately $7 billion at the end of the year, reflecting the addition of the Taminco financing. For full year 2014, the company delivered another strong year of $7.07 of earnings per share, which is a 10% growth over 2013, and as Mark mentioned, the company’s fifth consecutive year of earnings growth. Sales revenue increased 2% due to growth in Advanced Materials and Adhesives & Plasticizers segments and sales revenue from acquired businesses. Operating earnings were slightly higher year-over-year as higher volume and improved product mix, particularly in Advanced Materials, and earnings of acquired businesses, more than offset higher raw material and energy cost and higher cost related to manufacturing shutdowns during the year. In 2014, the company also generated free cash flow of $810 million, consistent with its expectations. This level of earnings growth and strong cash flow generation reflects how the company’s world-class technology platforms have enabled them to achieve success in expanding its leadership positions in diverse and attractive end markets and geographies, accelerating its earnings growth with innovation-driven specialty products and leveraging its advantaged cost positions through vertical integration and advantaged raw material positions. The company's fiscal 2015 EPS guidance was approximately $7.07. Under current business conditions, the company expects 2015 earnings per share to be similar to 2014 earnings per share. The company expects full year 2015 earnings to be down between $40 million and $50 million compared to 2014. With that said, the company expects global acetate tow demand to stabilize once the inventory destocking is behind. And they continue to pursue actions to improve the overall cost position of this business. As a result, longer term, they are optimistic this business will recover to an earnings profile consistent with its Investor Day expectation. The company’s tax rate is expected to between 26% and 27%, reflecting the continued benefits of its improvement in business operations and legal entity structures resulting from acquisitions. The range of the effective tax rate reflects uncertainty as to whether there will be further extension of the R&D tax credits and potentially changes to its geographic earnings mix. Finally, they continue to expect to offset dilution with share repurchases. Cash flow is one of its great strengths, and they continue to generate very strong free cash flow in 2014 and they expect to do it again in 2015. With its current outlook, they expect approximately $1.6 billion of operating cash flow. This outlook reflects current earnings expectations as well as some improvement in working capital resulting from lower commodity costs. Capital expenditures are expected to be approximately $700 million to $725 million. This reflects normal maintenance capital as well as some additional infrastructure spending. This also reflects growth of capital this year for the expansion of its Tritan copolyester capacity and its new Crystex capacity in Malaysia. Free cash flow is expected to be approximately $850 million to $900 million.

Eastman Chemical Co. to Report Q4, 2014 Results on Jan 29, 2015

Eastman Chemical Co. announced that they will report Q4, 2014 results at 5:00 PM, US Eastern Standard Time on Jan 29, 2015

Eastman Chemical Co., Q4 2014 Earnings Call, Jan 30, 2015

Eastman Chemical Co., Q4 2014 Earnings Call, Jan 30, 2015

Eastman Chemical Co.(NYSE:EMN) added to S&P 500 Value Index

Eastman Chemical Co.(NYSE:EMN) added to S&P 500 Value Index

 

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