Eastman Expects Lower Second-Quarter Earnings
KINGSPORT, Tenn.-- July 2, 2001--Eastman Chemical Company announced today that it anticipates earnings for second quarter 2001 will be lower than the estimate given in its April 26, 2001, first-quarter earnings release and its Form 10-Q filing but higher than first-quarter earnings of $0.48 per diluted share. Based on preliminary information, Eastman expects that second-quarter earnings per share will be in the range of $0.53 to $0.57 before certain nonrecurring charges.
“The company has not seen the normal seasonal increase in demand in second quarter,'' said Earnest W. Deavenport, Jr., chairman and CEO. “Most of our businesses have been hurt by the overall weak economy in the United States and the now slowing economy in Europe. Even with our aggressive cost reduction efforts, we don't see second-quarter earnings meeting our previously announced expectations. While Eastapak PET polymers for container plastics have shown improvements and good demand in the Americas in second quarter, they have experienced a dampened seasonal uptick in volume due to prolonged cooler than normal weather in Europe.'' The company's second-quarter results will include nonrecurring charges for the write-off of a prepaid asset related to the termination of a raw material supply agreement and for in-process research and development related to the acquisition of the hydrocarbon resins and select portions of the rosins resins business from Hercules Incorporated. The company will also report nonrecurring charges from the previously announced ongoing restructuring of its fine chemicals business and the closing of two former McWhorter Technologies, Inc., plants. The second-quarter nonrecurring charges are expected to be between $200 million and $250 million pre-tax, with nearly all of the charges being non-cash. Eastman will release second-quarter results on Thursday, July 26, 2001, after the market closes. With headquarters in Kingsport, Eastman manufactures and markets chemicals, fibers and plastics. The company has approximately 16,000 employees in 30 countries and had 2000 sales of $5.3 billion. For more information on Eastman, visit www.eastman.com. Forward-Looking Statements: The statements in this release concerning expected second-quarter earnings, including certain nonrecurring costs expected to be accrued in the second quarter and the effect on second-quarter earnings of seasonal demand for certain products and global economic conditions are forward-looking. Such statements are based upon preliminary information, internal estimates, and management assumptions and are subject to a number of risks and uncertainties inherent in projecting future conditions and results. Factors relating to such expectations, in addition to those identified in this release, are detailed in the company's reports filed with the Securities and Exchange Commission, including the Form 10-Q for the quarter ended March 31, 2001. Eastapak PET is a registered trademark of Eastman Chemical Company.
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