WASHINGTON (dpa-AFX) - Eastman Chemical Co. (EMN) reported that its fourth-quarter net earnings rose to $100 million or $0.71 per share, from $19 million or $0.12 per share in the same quarter last year. Earnings from continuing operations were $0.71 per share for fourth quarter 2011 versus $0.11 per share for fourth quarter 2010. Excluding $26 million of asset impairments and restructuring charges and $115 million of early debt extinguishment costs, fourth-quarter 2010 earnings from continuing operations were $0.70 per share. Sales revenue for fourth quarter 2011 was $1.7 billion, an 18 percent increase compared to fourth quarter 2010 primarily due to increased selling prices and higher sales volume. Analysts polled by Thomson Reuters expected the company to report earnings of $0.79 per share on revenues of $1.64 billion for the quarter. Analysts' estimates typically exclude special items. The company expects first-quarter 2012 earnings from continuing operations to be between $1.05 and $1.15 per share. Analysts expect the company to report earnings of $1.03 per share for the first-quarter. The company expects earnings per share from continuing operations in 2012 to be above 2011 earnings per share from continuing operations of $4.56. Analysts expect the company to report earnings of $4.64 per share for fiscal 2012.
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