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Eastman posts 3 percent rise in income

Sharon Caskey Hayes • Jan 24, 2008 at 12:00 AM

Eastman Chemical Co. on Thursday posted a 3 percent increase in fourth quarter income, surpassing Wall Street predictions and beating earnings in the same period of 2006.

The Kingsport-based company reported net income of $98 million or $1.21 per share in the fourth quarter 2007, vs. $95 million or $1.12 per share in the prior year period.

Eastman had announced earlier this month it expected fourth-quarter earnings to beat the high end of analyst estimates, which were $1.06 per share at the time.

“Performance in the fourth quarter was solid, completing another strong year for the company,” said Brian Ferguson, chairman and CEO. “Our last three years of earnings per share combined, excluding restructuring related items, is the best three-year period of earnings in our history. This is due to the impact of the strategic actions we have taken to improve results combined with the hard work of Eastman employees around the world to innovate, to serve our customers, and to safely and reliably operate our facilities.”

See Friday’s Kingsport Times-News for a detailed earnings report.

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