Eastman Announces Fourth-Quarter and Full-Year 2017 Financial Results, Business News

PUBLISHED ONFebruary 02, 2018 12:00 AM

KINGSPORT, Tenn., Feb 2, 2018 - (ACN Newswire) - Eastman Chemical Company (NYSE:EMN) today announced reported earnings of $4.01 per diluted share for fourth quarter 2017 versus $0.79 per diluted share for fourth quarter 2016. Adjusted earnings were $1.62 per diluted share for fourth quarter 2017 versus $1.51 per diluted share for fourth quarter 2016. Fourth-quarter 2017 adjusted earnings excludes non-core and unusual items, including $0.55 per diluted share of net costs resulting from the coal gasification incident (see "Coal Gasification Incident") and a $2.91 per share net benefit of one-time tax items primarily resulting from enactment of the Tax Cuts and Jobs Act of 2017 (see "Cash Flow and Tax Items"). For detail of the adjustments and reconciliations to reported company and segment earnings for all periods presented, see Tables 3A and 4.

"Looking at full year 2017, we delivered a compelling 13 percent increase in adjusted EPS and $1 billion of free cash flow," said Mark Costa, Board Chair and CEO. "Additionally, we ended the year with both solid fourth-quarter results and the safe and efficient repair of our coal gasification facility with minimal disruption to our customers. This performance demonstrates the strength of our portfolio and the benefits of our innovation-driven growth model. Our results also reflect the tremendous capability and determination of the Eastman team that is exemplified in our response to the coal gasification incident and two U.S. hurricanes while driving top line growth at the same time. We remain confident that execution of our strategy will continue to deliver outstanding results going forward."

Full release: https://hugin.info/150386/R/2165609/833280.PDF

Eastman is a global advanced materials and specialty additives company that produces a broad range of products found in items people use every day. With a portfolio of specialty businesses, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. Its market-driven approaches take advantage of world-class technology platforms and leading positions in attractive end-markets such as transportation, building and construction and consumables. Eastman focuses on creating consistent, superior value for all stakeholders. As a globally diverse company, Eastman serves customers in more than 100 countries and had 2017 revenues of approximately $9.5 billion. The company is headquartered in Kingsport, Tennessee, USA and employs approximately 14,500 people around the world. For more information, visit www.eastman.com.

Contacts:
Media: Tracy Kilgore Addington
423-224-0498 / tracy@eastman.com

Investors: Greg Riddle
212-835-1620 / griddle@eastman.com

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Source: Eastman Chemical Company via Globenewswire