Eastman's fiber division's external sales earnings up 13%
29 Jul '05
6 min read
The company also completed the early repayment of $500 million of its outstanding long-term debt at a cost of $544 million, which resulted in a second-quarter charge of $46 million including noncash costs of $2 million. On an annualized basis, interest expense is expected to decline approximately $25 million as a result of the reduced long-term debt.
Outlook Commenting on the outlook for the second half of the year, Ferguson said, "They expect continued strong sales volume throughout the company, and they expect to continue to benefit from cost reduction efforts. They also anticipate volatility in raw material and energy costs; and therefore, their focus on pricing will remain a key determinant of their profitability."
They expect full-year 2005 net earnings per share to follow their typical pattern of about 60 percent in the first half and about 40 percent in the second half.
Tennessee based Eastman Chemical Company is a global company whose products touch the lives of people around the world every day. Eastman manufactures and markets more than 1,200 chemicals, fibers and plastics products.
Eastman is the world's largest producer of PET polymers for packaging; and is a major supplier of cellulose acetate fibers. Eastman is leveraging its heritage of innovation and strength in polyester, acetyl and organic chemistry technologies to drive growth and meet increasing demand in four select markets: building and construction, packaging, health, and electronics. Founded in 1920 and headquartered in Kingsport, Tenn., Eastman is a FORTUNE 500 company with 2004 sales of $6.6 billion and approximately 12,000 employees.
marketing@alchempro.com
