Eastman Chemical Company announced earnings of $1.15 per diluted share for third quarter 2006 versus earnings of $1.50 per diluted share for third quarter 2005.
Excluding asset impairments and restructuring charges, third-quarter 2006 earnings were $1.24 per diluted share, while third-quarter 2005 earnings were $1.53 per diluted share. For reconciliation to reported earnings per diluted share.
"In the third quarter, we established a record for sales revenue in a quarter driven by higher selling prices needed to offset high raw material and energy costs," said Brian Ferguson, Chairman and CEO.
"We continue to deliver strong results, particularly in our solid base of businesses that include the fibers; the coatings, adhesives, specialty polymers and inks; and the specialty plastics segments."
Sales revenue for third quarter 2006 was $2 billion, an 8 percent increase over third quarter 2005. The increase in sales revenue was due to higher selling prices throughout the company.
Operating earnings in third quarter 2006 were $158 million compared with operating earnings of $198 million in third quarter 2005.
Excluding asset impairments and restructuring charges for both periods, operating earnings were $171 million in third quarter 2006 compared with $202 million in third quarter 2005.
The year-over-year decline was due to increased raw material and energy costs and minor operational disruptions that were partially offset by higher selling prices.
The company's third-quarter 2006 raw material and energy costs increased by approximately $175 million compared with third quarter 2005.
marketing@alchempro.com
