Eastman Chemical Co. (EMN), Tuesday said it expects earnings for 2009 to come in above analysts current consensus estimates, driven by strong core businesses and financial strength.
At the investor meet, Jim Rogers, President and Chief Executive Officer, Eastman, and other senior executives are expected to outline the company's strategy for building on its solid core businesses and strong financial position to deliver 20% earnings per share growth on an annualized basis from 2009 through the recovery.
For 2009, the Kingsport, Tennessee-based diversified chemicals maker now expects earnings of about $3.50 per share, excluding asset impairments and restructuring charges.
Six analysts on consensus polled by Thomson Reuters currently expect the company to earn $3.41 per share for the full year. Analysts' estimate typically exclude one-time charges and gains.
Earlier in April, Eastman indicated earnings to come in between $2.00 and $3.00 per share, excluding charges related to cost cutting actions.
While announcing its third quarter results on October 22, Eastman reported a third quarter profit that rose slightly from last year, as lower raw material and energy costs combined with cost-cutting measures offset a 26% drop in sales. The company also said it expects fourth quarter earnings to be slightly above the high end of analysts' estimates.
Eastman reported net income for the third quarter of $101 million or $1.38 per share, compared to $100 million or $1.33 per share in the year-ago quarter, while quarterly sales dropped 26% to $1.34 billion from $1.82 billion in the same quarter last year.
EMN is currently trading at $59.27, down $0.60 or 1.00%, on a volume of 0.51 million shares on the NYSE.
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