Eastman Chemical Co. (EMN) posted a fourth quarter loss of $32 million or $0.44 per share, compared to a loss of $2 million or $0.03 per share in the same period last year. Excluding items, earnings for the quarter was $84 million or $1.14 per share, compared to $4 million or $0.05 per share in the preceding year period.
On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $1.00 per share. Analysts' estimates typically exclude special items.
The company said the results for the fourth quarter 2009 include non-cash asset impairments and restructuring charges, net, of $177 million, primarily for the discontinued Beaumont, Texas, industrial gasification project.
Sales revenue for the fourth quarter was $1.3 2billion, compared to $1.35 billion in the previous year quarter. Four Wall Street analysts expected revenues of $1.26 billion.
Looking forward, the company said it expects first quarter 2010 earnings per share to be slightly higher than fourth quarter 2009 earnings per share of $1.14. Further, the company said it expects to deliver 20% higher earnings per share in 2010 compared with 2009.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.