Eastman Chemical operations at site in Kingsport, Tennessee, substantially restored following unplanned shutdown on June 4; company projects shutdown will negatively impact earnings between US$0.05/share-US$0.10/share
June 16, 2014
– Eastman Chemical Company (NYSE:EMN) announced today that operations at its Kingsport, Tenn., site have been substantially restored following an unplanned shutdown on June 4.
Eastman has made tremendous progress in bringing the plant back online in a safe and orderly manner with no material financial impact. Based on current information, the company projects the shutdown will negatively impact earnings between $0.05 and $0.10 per share, and continues to expect full-year 2014 earnings per share to be between $6.70 and $7.00. Non-core and non-recurring items are excluded from the earnings per share projection.
“I am very proud of the Eastman team for their quick and professional response to this unfortunate shutdown. As a result of their efforts, we experienced no serious injuries or impact to the environment,” said Mark Costa, chief executive officer. “We take our commitment to being a reliable supplier seriously and we greatly appreciate the support of our customers as we worked to safely restore operations.”
Eastman is a global specialty chemical company that produces a broad range of products found in items people use every day. With a portfolio of specialty businesses, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. Its market-driven approaches take advantage of world-class technology platforms and leading positions in attractive end-markets such as transportation, building and construction and consumables. Eastman focuses on creating consistent, superior value for all stakeholders. As a globally diverse company, Eastman serves customers in approximately 100 countries and had 2013 revenues of approximately $9.4 billion. The company is headquartered in Kingsport, Tennessee, USA and employs approximately 14,000 people around the world. For more information, visit www.eastman.com.
Forward-Looking Statements: This news release includes forward-looking statements concerning current expectations for Kingsport site shutdown-related costs and company earnings for full year 2014. Such expectations are based upon certain preliminary information, internal estimates, and management assumptions, expectations, and plans, and are subject to a number of risks and uncertainties inherent in projecting future conditions, events, and results. Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions or expectations prove to be inaccurate or are unrealized. Important factors that could cause actual results to differ materially from such expectations are and will bedetailed in the company's filings with the Securities and Exchange Commission, including the Form 10-Q filed for first quarter 2014 available on the Eastman web site at www.eastman.com in the Investors, SEC filings section.