Eastman Announces Fourth-Quarter and Full-Year 2010 Results
KINGSPORT, Tenn., Jan. 31, 2011 Eastman Chemical Company (NYSE:EMN) today announced earnings from continuing operations of $0.23 per diluted share for fourth quarter 2010 ($1.41 earnings per diluted share from continuing operations excluding the items described in the Asset Impairments and Restructuring Charges and Debt Extinguishment Costs section in this release). These results were negatively impacted by $0.11 per share due to non-deductibility of early distributions under the executive deferred compensation plan as described in the Income Taxes paragraph in this release. Fourth-quarter 2009 loss from continuing operations was $0.21 per diluted share ($1.35 earnings per diluted share from continuing operations excluding the items described in the Asset Impairments and Restructuring Charges and Debt Extinguishment Costs section in this release). For reconciliations to reported company and segment earnings, see Tables 3 and 4 in the accompanying financial tables. For description of discontinued operations, see the "Discontinued Operations" paragraph in this release.
The strength of our portfolio of businesses was clearly demonstrated throughout 2010, said Jim Rogers, chairman and CEO. Weve established a new level of earnings performance for the company, and we are continuing our efforts to build upon these earnings. In addition, our solid balance sheet and expectation for continued strong cash generation position us for further earnings growth.
|(In millions, except per share amounts)||4Q2010||