KINGSPORT, Tenn., April 26, 2012 Eastman Chemical Company (NYSE:EMN) today announced earnings from continuing operations of $1.13 per diluted share for first quarter 2012 versus $1.39 per diluted share for first quarter 2011. Excluding $14 million of transaction and financing costs in first quarter 2012 related to the pending acquisition of Solutia and a $15 million other postretirement benefit (OPEB) plan gain in first quarter 2011 (described below), earnings from continuing operations were $1.22 per diluted share in first quarter 2012 and $1.32 per diluted share in first quarter 2011. For reconciliation to reported company and segment earnings, see Tables 3 and 4 in the accompanying first-quarter 2012 financial tables.
"We delivered solid first quarter results despite persistent global economic uncertainty, and we remain well positioned for full year earnings growth," said Jim Rogers, chairman and CEO. "In addition, we are on track to complete the Solutia acquisition by mid-2012, which we expect will significantly enhance our earnings growth in the future."
| (In millions, except per share amounts) | 1Q2012 |
1Q2011
|