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 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.