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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