astman Chemical Company (NYSE:EMN) today announced earnings, excluding non-core or non-recurring items, of $1.35 per diluted share for fourth quarter 2013 versus $1.19 per diluted share for fourth quarter 2012. Reported earnings were $2.22 per diluted share in fourth quarter 2013 and a loss of $0.35 per diluted share in fourth quarter 2012. For detail of the excluded items and reconciliation to reported company and segment earnings, see Tables 3 and 4.
"Our outstanding results in 2013 represent the fourth consecutive year of strong earnings growth for Eastman," said Mark Costa, CEO. "This high level of performance continues to be driven by our market-leading businesses, balanced deployment of our solid cash flow, and the significant actions we have taken to improve our portfolio." See the second paragraph under "Outlook" for the items excluded from annual earnings comparisons.
(in millions, except per share amounts)
Pro forma combined sales revenue*
Earnings (loss) per diluted share from
Earnings per diluted share from continuing
operations excluding non-core or
Net cash provided by operating activities
*Assumes Solutia acquisition had been completed January 1, 2012. See Table of Contents and Table 2 in the accompanying financial tables.
**For reconciliation to reported company and segment earnings, see Tables 3 and 4.
Corporate 4Q 2013 versus 4Q 2012
Sales revenue for fourth quarter 2013 was $2.3 billion, a 4 percent increase compared with fourth quarter 2012 due primarily to higher sales volume in the Additives & Functional Products, Advanced Materials, and Fibers segments.
Operating earnings in fourth quarter 2013 were $562 million compared to a loss of $44 million in fourth quarter 2012. Excluding the non-core or non-recurring items described in Tables 3 and 4, fourth-quarter 2013 operating earnings were $329 million compared to $326 million in fourth quarter 2012. Operating results included the "Other" operating losses detailed in Table 3.