IHS Chemical Week

Eastman swings to a loss on restructuring, acquisition charges

12:15 PM MST | February 1, 2013

Eastman Chemical reported a loss of $44 million for the fiscal quarter ended 31 December, compared with $19 million in the year-ago quarter. Excluding one-time items, including costs related to its $4.8-billion acquisition of Solutia last year, earnings jumped 53%, to $1.19/share, meeting analysts' estimates, as reported by Thomson Reuters. Sales climbed 26%, to $2.2 billion. Excluding the addition of Solutia, sales declined 4% on lower selling prices. Eastman increased its adjusted earnings guidance for fiscal year 2013 to $6.30-$6.40/share, up from $5.38/share...

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