Eastman's fiber division's external sales earnings up 13%
29 Jul '05
6 min read
Largest polyester plastics producer Eastman Chemical Company announced earnings of $2.51 per diluted share for second quarter 2005 versus earnings of $1.07 per diluted share for second quarter 2004.
Excluding the items described below for both periods, second-quarter 2005 earnings per diluted share were $1.59, while second-quarter 2004 earnings were $0.82 per diluted share. For reconciliations to reported earnings, see Table 8 in the accompanying second-quarter 2005 financial tables.
Included in the results for second quarter 2005 were a gain of $171 million associated with the sale of the company's investment in Genencor International Inc, charges of $46 million associated with the early repayment of $500 million in long-term debt, and asset impairments and restructuring charges of $10 million. Second-quarter 2004 results included asset impairments and restructuring charges of $79 million and a net deferred tax benefit of $82 million.
"In the second quarter, they continued to have strong performance throughout the company due to a number of factors, including solid economic growth as well as the actions they have taken to improve their profitability," said Brian Ferguson, chairman and CEO. "As a result, their earnings for the first half of 2005 were the best half-year earnings in their company's history."
Operating earnings in second quarter 2005 were $203 million compared with operating earnings of $41 million in second quarter 2004. Excluding asset impairments and restructuring charges in both periods, operating earnings were $213 million in second quarter 2005 compared with $120 million in second quarter 2004.
marketing@alchempro.com
