Eastman Chemical Co. Provides Earnings Guidance for the Year 2013; Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
The company reported unaudited earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported operating loss of $44 million, loss from continuing operations before income taxes of $86 million and loss from continuing operations of $52 million on sales of $2,169 million compared to operating earnings of $19 million, earnings from continuing operations before income taxes of $5 million and earnings from continuing operations of $12 million on sales of $1,723 million reported a year ago. Loss from continuing operations, net of tax attributable to Eastman stockholders was $54 million or $0.35 per diluted share compared to net earnings from continuing operations, net of tax attributable to Eastman stockholders of $12 million or $0.09 per diluted share reported a year ago. Net loss attributable to Eastman stockholders was $54 million or $0.35 per diluted share compared to net earnings attributable to Eastman stockholders of $12 million or $0.09 per diluted share reported a year ago. Net cash provided by operating activities was $440 million compared to $352 million a year ago. Additions to properties and equipment were $168 million compared to $124 million a year ago. Fourth quarter 2012 included sales revenue from the acquired solutia businesses. Pro forma combined sales revenue declined 4% due primarily to lower selling prices. The lower selling prices were primarily due to lower raw material and energy costs.
For the year, the company reported operating earnings of $800 million, earnings from continuing operations before income taxes of $649 million and earnings from continuing operations of $443 million on sales of $8,102 million compared to operating earnings of $937 million, earnings from continuing operations before income taxes of $881 million and earnings from continuing operations of $607 million on sales of $7,178 million reported a year ago. Net earnings from continuing operations, net of tax attributable to Eastman stockholders were $436 million or $2.92 per diluted share compared to $646 million or $4.24 per diluted share reported a year ago. Net earnings attributable to Eastman stockholders were $437 million or $2.93 per diluted share compared to $646 million or $4.52 per diluted share reported a year ago. Net cash provided by operating activities was $1.128 million compared to $625 million a year ago. Additions to properties and equipment were $465 million compared to $457 million a year ago.