Eastman Chemical Co. recently announced sales revenue for the fourth quarter of 2011 of $1.7 billion, an 18% increase compared to the fourth quarter of 2010, primarily due to increased selling prices and higher sales volume. Sales revenue in the Coatings, Adhesives, Specialty Polymers and Inks (CASPI) division increased by 12%, primarily due to higher selling prices, which were in response to higher raw material and energy costs, particularly for propane. Operating earnings in the 2011 fourth quarter were $52 million.
Full-year 2011 sales revenue was $7.2 billion, an increase of 23% year over year, reportedly due primarily to increased selling prices and higher sales volume. Selling prices increased in response to higher raw material and energy costs, primarily for propane, paraxylene, and wood pulp. The higher sales volume was primarily due to growth in PCI plasticizer product lines, the fourth quarter 2010 restart of a previously idled olefins cracking unit at the Longview, TX, facility, and strengthened end-use demand primarily for CASPI segment products.
“Despite a challenging and uncertain economic environment during the quarter, we delivered earnings per share that are among our best for a fourth quarter, and our full-year EPS was the best in our history,” said Jim Rogers, chairman and CEO. “Given the strength of our businesses and our solid balance sheet, we remain well-positioned for full-year 2012 EPS growth.”
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