WASHINGTON (dpa-AFX) - Eastman Chemical Co. (EMN) reported that its third-quarter net earnings were $165 million, down from $170 million in the same quarter last year. On a per share basis, net earnings were $1.16, remains flat with last year.
Earnings from continuing operations were $1.16 per share for third quarter 2011 versus $1.11 per share for third quarter 2010.
Excluding $7 million of restructuring charges primarily for severance associated with the acquisition and integration of Sterling Chemicals Inc., earnings from continuing operations were $1.19 per share in third quarter 2011.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.11 per share. Analysts' estimates typically exclude special items.
Sales for the quarter rose to $1.81 billion from $1.51 billion in the prior year quarter, primarily due to higher selling prices. Nine analysts had consensus revenue estimate of $1.74 billion for the quarter.
'For the remainder of the year, we expect sales volume to decline due to normal seasonality and customer inventory destocking. We also expect continued volatility in raw material and energy costs. As a result, we expect fourth-quarter 2011 earnings per share to be higher than fourth quarter 2010 and for full-year 2011 earnings per share to be approximately $4.62, excluding asset impairments and restructuring charges and gains,' said Jim Rogers, Chairman and CEO.
Analysts expect the company to report earnings of $4.64 per share for fiscal 2011.
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