Eastman Announces Higher Third-Quarter and Full-Year 2010 Earnings Expectations
KINGSPORT, Tenn., Sept. 16, 2010 â?" At an investor conference in New York today, Eastman Chemical Company (NYSE:EMN) President and CEO Jim Rogers announced that third-quarter 2010 earnings per share are expected to be between $2.20 and $2.30, above previous expectations. This continued strong performance is due to selling prices remaining solid reflecting high industry capacity utilization rates, and a seasonal decline in sales volume being less than expected. Included in the expected third-quarter results is approximately $0.20 per share from the partial settlement of an insurance claim related to the previously announced outage at the companyâ??s Longview, Texas, manufacturing facility.
In addition, Rogers announced that full-year earnings per share are expected to approach $7, also above previous expectations. Rogers also reviewed the companyâ??s efforts to achieve its objective to increase earnings per share in 2011 compared with 2010.
A web replay and the accompanying slides from Rogersâ?? presentation at the Credit Suisse Chemical and Ag Science conference are available at www.investors.eastman.com, Events & Presentations. Eastman will announce third-quarter 2010 sales and earnings on Oct. 28, 2010, at approximately 5:00 p.m. EDT. The company will host a conference call with industry analysts on Oct. 29 at 8:00 a.m. EDT. To listen to the live webcast of the conference call and view the accompanying slides, go to www.investors.eastman.com, Events & Presentations. To listen via telephone, the dial-in number is (913) 981-4912, passcode number 2471720. A web replay and the accompanying slides will be available at www.investors.eastman.com, Events & Presentations. A telephone replay will be available continuously from 11:00 a.m. EDT, Oct. 29, to 11:00 a.m. EDT, Nov. 8, at (888) 203-1112, passcode number 2471720.
Forward-Looking Statements: This news release includes forward-looking statements concerning current expectations for selling prices, demand for the companyâ??s products, sales volume, partial settlement of an insurance claim, and earnings per share during and for third quarter and full year 2010. Such expectations are based upon certain preliminary information, internal estimates, and management assumptions, expectations, and plans, and are subject to a number of risks and uncertainties inherent in projecting future conditions, events, and results. Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions or expectations prove to be inaccurate or are unrealized. Important factors that could cause actual results to differ materially from such expectations are detailed in the company's filings with the Securities and Exchange Commission, including the Form 10-Q filed for second quarter 2010 which is available on the Eastman web site at www.eastman.com in the Investors, SEC filings section.