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  Kingsport, Tenn., USA, May 17, 2017 - Eastman Chemical Company (NYSE:EMN) announced today it has partnered with Phoenix Venture Partners LLC (PVP) via an investment in its officially closed new venture capital fund, PVP II LP. This is another step forward for Eastman's expanding external innovation model.  The investment increases Eastman's external innovation reach beyond academic alliances into the start-up venture sector. Terms of the transaction were not disclosed. Eastman expects to leverage PVP's scouting capabilities, deal flow and knowledge of the Advanced Materials venture sector to identify and work collaboratively with start-ups to successfully bring innovative technologies to market. As a leading venture capital firm focused on Advanced Materials, PVP is recognized by entrepreneurs and corporations around the globe. PVP forges deep partnerships with its strategic investors and works closely with them to identify attractive market opportunities. Dr. Brendan Boyd, external innovation director for Eastman, said PVP is a natural fit for Eastman as it accelerates external innovation sourcing. "We are pleased to be working with the PVP team," Boyd said.  "Eastman chose to partner with PVP due to its focus on Advanced Materials venture investing, its deal flow screening based on partnership business models and its closely collaborative approach with its strategic limited partners.  In addition, we believe PVP has a good cultural fit with Eastman." "Eastman not only has world-class technologies, but also a deep understanding of markets and customer technologies that makes them a preferred innovation partner," said Dr. John T. Chen, Managing General Partner of PVP. "With its portfolio of Advanced Materials and Additives and Functional Products businesses, Eastman can leverage collaboration with start-ups in these sectors that will accelerate innovation and deliver value." Dr. Zachariah Jonasson, Managing General Partner of PVP, added, "We are excited to be working with Eastman to connect them to entrepreneurs globally." About Eastman Chemical Company Eastman is a global advanced materials and specialty additives 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 more than 100 countries and had 2016 revenues of approximately $9.0 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. Phoenix Venture Partners (PVP) is a leading venture capital firm that invests in and partners with entrepreneurs to commercialize breakthrough Advanced Materials innovations. PVP's team has an unparalleled track record of founding, building and investing in successful Advanced Materials start-ups across multiple industrial application areas. The firm's investment strategy is flexible and predicated on assisting entrepreneurs with customer and supply chain partnerships, business development, as well as with strategic and operational support. PVP collaborates with a select set of forward-looking global corporations on business development and open innovation interests. PVP is based in the Silicon Valley with a satellite office in Seattle, WA.  For additional information please visit our website at www.phoenix-vp.com.


  Kingsport, Tenn., USA, May 17, 2017 - Eastman Chemical Company (NYSE:EMN) announced today it has partnered with Phoenix Venture Partners LLC (PVP) via an investment in its officially closed new venture capital fund, PVP II LP. This is another step forward for Eastman's expanding external innovation model.  The investment increases Eastman's external innovation reach beyond academic alliances into the start-up venture sector. Terms of the transaction were not disclosed. Eastman expects to leverage PVP's scouting capabilities, deal flow and knowledge of the Advanced Materials venture sector to identify and work collaboratively with start-ups to successfully bring innovative technologies to market. As a leading venture capital firm focused on Advanced Materials, PVP is recognized by entrepreneurs and corporations around the globe. PVP forges deep partnerships with its strategic investors and works closely with them to identify attractive market opportunities. Dr. Brendan Boyd, external innovation director for Eastman, said PVP is a natural fit for Eastman as it accelerates external innovation sourcing. "We are pleased to be working with the PVP team," Boyd said.  "Eastman chose to partner with PVP due to its focus on Advanced Materials venture investing, its deal flow screening based on partnership business models and its closely collaborative approach with its strategic limited partners.  In addition, we believe PVP has a good cultural fit with Eastman." "Eastman not only has world-class technologies, but also a deep understanding of markets and customer technologies that makes them a preferred innovation partner," said Dr. John T. Chen, Managing General Partner of PVP. "With its portfolio of Advanced Materials and Additives and Functional Products businesses, Eastman can leverage collaboration with start-ups in these sectors that will accelerate innovation and deliver value." Dr. Zachariah Jonasson, Managing General Partner of PVP, added, "We are excited to be working with Eastman to connect them to entrepreneurs globally." About Eastman Chemical Company Eastman is a global advanced materials and specialty additives 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 more than 100 countries and had 2016 revenues of approximately $9.0 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. Phoenix Venture Partners (PVP) is a leading venture capital firm that invests in and partners with entrepreneurs to commercialize breakthrough Advanced Materials innovations. PVP's team has an unparalleled track record of founding, building and investing in successful Advanced Materials start-ups across multiple industrial application areas. The firm's investment strategy is flexible and predicated on assisting entrepreneurs with customer and supply chain partnerships, business development, as well as with strategic and operational support. PVP collaborates with a select set of forward-looking global corporations on business development and open innovation interests. PVP is based in the Silicon Valley with a satellite office in Seattle, WA.  For additional information please visit our website at www.phoenix-vp.com.


  Kingsport, Tenn., USA, May 17, 2017 - Eastman Chemical Company (NYSE:EMN) announced today it has partnered with Phoenix Venture Partners LLC (PVP) via an investment in its officially closed new venture capital fund, PVP II LP. This is another step forward for Eastman's expanding external innovation model.  The investment increases Eastman's external innovation reach beyond academic alliances into the start-up venture sector. Terms of the transaction were not disclosed. Eastman expects to leverage PVP's scouting capabilities, deal flow and knowledge of the Advanced Materials venture sector to identify and work collaboratively with start-ups to successfully bring innovative technologies to market. As a leading venture capital firm focused on Advanced Materials, PVP is recognized by entrepreneurs and corporations around the globe. PVP forges deep partnerships with its strategic investors and works closely with them to identify attractive market opportunities. Dr. Brendan Boyd, external innovation director for Eastman, said PVP is a natural fit for Eastman as it accelerates external innovation sourcing. "We are pleased to be working with the PVP team," Boyd said.  "Eastman chose to partner with PVP due to its focus on Advanced Materials venture investing, its deal flow screening based on partnership business models and its closely collaborative approach with its strategic limited partners.  In addition, we believe PVP has a good cultural fit with Eastman." "Eastman not only has world-class technologies, but also a deep understanding of markets and customer technologies that makes them a preferred innovation partner," said Dr. John T. Chen, Managing General Partner of PVP. "With its portfolio of Advanced Materials and Additives and Functional Products businesses, Eastman can leverage collaboration with start-ups in these sectors that will accelerate innovation and deliver value." Dr. Zachariah Jonasson, Managing General Partner of PVP, added, "We are excited to be working with Eastman to connect them to entrepreneurs globally." About Eastman Chemical Company Eastman is a global advanced materials and specialty additives 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 more than 100 countries and had 2016 revenues of approximately $9.0 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. Phoenix Venture Partners (PVP) is a leading venture capital firm that invests in and partners with entrepreneurs to commercialize breakthrough Advanced Materials innovations. PVP's team has an unparalleled track record of founding, building and investing in successful Advanced Materials start-ups across multiple industrial application areas. The firm's investment strategy is flexible and predicated on assisting entrepreneurs with customer and supply chain partnerships, business development, as well as with strategic and operational support. PVP collaborates with a select set of forward-looking global corporations on business development and open innovation interests. PVP is based in the Silicon Valley with a satellite office in Seattle, WA.  For additional information please visit our website at www.phoenix-vp.com.


  Kingsport, Tenn., USA, May 17, 2017 - Eastman Chemical Company (NYSE:EMN) announced today it has partnered with Phoenix Venture Partners LLC (PVP) via an investment in its officially closed new venture capital fund, PVP II LP. This is another step forward for Eastman's expanding external innovation model.  The investment increases Eastman's external innovation reach beyond academic alliances into the start-up venture sector. Terms of the transaction were not disclosed. Eastman expects to leverage PVP's scouting capabilities, deal flow and knowledge of the Advanced Materials venture sector to identify and work collaboratively with start-ups to successfully bring innovative technologies to market. As a leading venture capital firm focused on Advanced Materials, PVP is recognized by entrepreneurs and corporations around the globe. PVP forges deep partnerships with its strategic investors and works closely with them to identify attractive market opportunities. Dr. Brendan Boyd, external innovation director for Eastman, said PVP is a natural fit for Eastman as it accelerates external innovation sourcing. "We are pleased to be working with the PVP team," Boyd said.  "Eastman chose to partner with PVP due to its focus on Advanced Materials venture investing, its deal flow screening based on partnership business models and its closely collaborative approach with its strategic limited partners.  In addition, we believe PVP has a good cultural fit with Eastman." "Eastman not only has world-class technologies, but also a deep understanding of markets and customer technologies that makes them a preferred innovation partner," said Dr. John T. Chen, Managing General Partner of PVP. "With its portfolio of Advanced Materials and Additives and Functional Products businesses, Eastman can leverage collaboration with start-ups in these sectors that will accelerate innovation and deliver value." Dr. Zachariah Jonasson, Managing General Partner of PVP, added, "We are excited to be working with Eastman to connect them to entrepreneurs globally." About Eastman Chemical Company Eastman is a global advanced materials and specialty additives 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 more than 100 countries and had 2016 revenues of approximately $9.0 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. Phoenix Venture Partners (PVP) is a leading venture capital firm that invests in and partners with entrepreneurs to commercialize breakthrough Advanced Materials innovations. PVP's team has an unparalleled track record of founding, building and investing in successful Advanced Materials start-ups across multiple industrial application areas. The firm's investment strategy is flexible and predicated on assisting entrepreneurs with customer and supply chain partnerships, business development, as well as with strategic and operational support. PVP collaborates with a select set of forward-looking global corporations on business development and open innovation interests. PVP is based in the Silicon Valley with a satellite office in Seattle, WA.  For additional information please visit our website at www.phoenix-vp.com.


  Kingsport, Tenn., USA, May 17, 2017 - Eastman Chemical Company (NYSE:EMN) announced today it has partnered with Phoenix Venture Partners LLC (PVP) via an investment in its officially closed new venture capital fund, PVP II LP. This is another step forward for Eastman's expanding external innovation model.  The investment increases Eastman's external innovation reach beyond academic alliances into the start-up venture sector. Terms of the transaction were not disclosed. Eastman expects to leverage PVP's scouting capabilities, deal flow and knowledge of the Advanced Materials venture sector to identify and work collaboratively with start-ups to successfully bring innovative technologies to market. As a leading venture capital firm focused on Advanced Materials, PVP is recognized by entrepreneurs and corporations around the globe. PVP forges deep partnerships with its strategic investors and works closely with them to identify attractive market opportunities. Dr. Brendan Boyd, external innovation director for Eastman, said PVP is a natural fit for Eastman as it accelerates external innovation sourcing. "We are pleased to be working with the PVP team," Boyd said.  "Eastman chose to partner with PVP due to its focus on Advanced Materials venture investing, its deal flow screening based on partnership business models and its closely collaborative approach with its strategic limited partners.  In addition, we believe PVP has a good cultural fit with Eastman." "Eastman not only has world-class technologies, but also a deep understanding of markets and customer technologies that makes them a preferred innovation partner," said Dr. John T. Chen, Managing General Partner of PVP. "With its portfolio of Advanced Materials and Additives and Functional Products businesses, Eastman can leverage collaboration with start-ups in these sectors that will accelerate innovation and deliver value." Dr. Zachariah Jonasson, Managing General Partner of PVP, added, "We are excited to be working with Eastman to connect them to entrepreneurs globally." About Eastman Chemical Company Eastman is a global advanced materials and specialty additives 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 more than 100 countries and had 2016 revenues of approximately $9.0 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. Phoenix Venture Partners (PVP) is a leading venture capital firm that invests in and partners with entrepreneurs to commercialize breakthrough Advanced Materials innovations. PVP's team has an unparalleled track record of founding, building and investing in successful Advanced Materials start-ups across multiple industrial application areas. The firm's investment strategy is flexible and predicated on assisting entrepreneurs with customer and supply chain partnerships, business development, as well as with strategic and operational support. PVP collaborates with a select set of forward-looking global corporations on business development and open innovation interests. PVP is based in the Silicon Valley with a satellite office in Seattle, WA.  For additional information please visit our website at www.phoenix-vp.com.


News Article | April 27, 2017
Site: globenewswire.com

KINGSPORT, Tenn., April 27, 2017 - Eastman Chemical Company (NYSE:EMN) today announced reported earnings of $1.89 per diluted share for first-quarter 2017 versus $1.69 per diluted share for first quarter 2016. Adjusted earnings were $1.83 per diluted share for first quarter 2017 versus $1.71 per diluted share for first quarter 2016. For detail of the adjustments and reconciliation to reported company and segment earnings, see Tables 3A, 4A, and 4B. "Our solid first-quarter results once again demonstrate the strength and resiliency of our portfolio," said Mark Costa, Board Chair and CEO. "We delivered strong volume growth in our specialty businesses driven by innovative, high margin products which are accelerating demand growth in attractive, niche markets. We also continue to benefit from aggressive cost management and disciplined capital allocation. We remain confident in the resiliency of our portfolio and the sustainability of our strong cash flow going forward." Earnings per diluted share                                                       $1.89                                 $1.69                                                                                                                                                 Adjusted earnings per diluted share*                                       $1.83                                 $1.71                                                                                                                                                                                                                                  Net cash provided by operating activities                                $52                                    $51 *For adjusted provision for income taxes in 1Q 2017, non-core items in 1Q 2016, and reconciliation to reported company and segment earnings, see Tables 3A, 4A, and 4B. Additives & Functional Products - Sales revenue increased due to higher sales volume across the segment, partially offset by slightly lower selling prices and an unfavorable shift in foreign currency exchange rates. The lower selling prices were primarily attributed to lower raw material prices in the prior year. Operating earnings were relatively unchanged as higher sales volume was mostly offset by higher raw material and energy costs, lower selling prices, and an unfavorable shift in foreign currency exchange rates.                                                                                                                        Advanced Materials - Sales revenue increased due to improved product mix resulting from higher sales volume of premium products including Eastman TritanTM copolyester, performance films, and Saflex® acoustic interlayers. Operating earnings increased due to higher sales volume, improved product mix of premium products, and fixed cost leverage, partially offset by higher raw material and energy costs and lower selling prices. Chemical Intermediates - Sales revenue increased primarily due to higher selling prices. The higher selling prices were attributed to higher raw material prices and improved competitive conditions. Operating earnings increased primarily due to higher selling prices and lower commodity hedge costs, partially offset by higher raw material and energy costs. Fibers - Sales revenue decreased primarily due to lower sales volume and lower selling prices, particularly for acetate tow. Lower acetate tow sales volume was primarily due to reduced sales in China and customer buying patterns. Lower acetate tow selling prices were primarily due to lower industry capacity utilization rates. Operating earnings declined due to lower sales volume and lower selling prices, partially offset by lower operating costs resulting from recent actions. Eastman generated $52 million in cash from operating activities during first-quarter 2017. Strong earnings were partially offset by a normal seasonal increase in working capital. Share repurchases totaled $75 million in first quarter 2017. Priorities for uses of available cash include payment of the quarterly dividend, repayment of debt, funding targeted growth initiatives, and repurchasing shares. Outlook             Commenting on the outlook for full-year 2017, Costa said: "We started out 2017 with convincing first-quarter results, and we expect our innovative, high margin products to continue to drive compelling growth in what remains an uncertain global business environment. Aggressive cost management and disciplined capital allocation are also expected to continue contributing to earnings growth, helping to offset challenges in Fibers. We remain confident in the actions we are taking to deliver growth despite the challenges we face, and therefore continue to expect adjusted EPS growth in 2017 to be between 8-12 percent." The full-year 2017 projected earnings exclude any non-core, unusual, or non-recurring items in the remaining nine months of 2017 and assumes that the adjusted tax rate detailed in Tables 4A and 4B for first quarter 2017 will be the actual rate for full-year 2017. Our 2017 financial results forecasts do not include non-core items (such as mark-to-market pension and other postretirement benefit gain or loss) or any unusual or non-recurring items, and we accordingly are unable to reconcile projected full-year 2017 earnings excluding non-core and any unusual or non-recurring items to reported GAAP earnings without unreasonable efforts. This news release includes forward-looking statements concerning current expectations and assumptions for future global economic conditions; competitive position and acceptance of specialty products in key markets; mix of products sold; raw material and energy prices and costs, and other costs; and revenue, earnings, and cash flow for full-year 2017. Such expectations and assumptions 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 and assumptions 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 be detailed in the company's filings with the Securities and Exchange Commission, including the Form 10-K filed for 2016 available, and the Form 10-Q to be filed for first quarter 2017 and to be available, on the Eastman web site at www.eastman.com in the Investors, SEC filings section. Eastman will host a conference call with industry analysts on April 28, 2017 at 8:00 a.m. ET. To listen to the live webcast of the conference call and view the accompanying slides, go to www.investors.eastman.com, Events & Presentations. To listen via telephone, the dial-in number is 913-312-0378, passcode number 5196633. A web replay, a replay in downloadable MP3 format, and the accompanying slides will be available at www.investors.eastman.com, Events & Presentations. A telephone replay will be available continuously from 11:00 a.m. ET, April 28 to 11:00 a.m. ET, May 8 at 888-203-1112 or 719-457-0820, passcode 5196633. Eastman is a global advanced materials and specialty additives 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 more than 100 countries and had 2016 revenues of approximately $9.0 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.


News Article | April 27, 2017
Site: globenewswire.com

KINGSPORT, Tenn., April 27, 2017 - Eastman Chemical Company (NYSE:EMN) today announced reported earnings of $1.89 per diluted share for first-quarter 2017 versus $1.69 per diluted share for first quarter 2016. Adjusted earnings were $1.83 per diluted share for first quarter 2017 versus $1.71 per diluted share for first quarter 2016. For detail of the adjustments and reconciliation to reported company and segment earnings, see Tables 3A, 4A, and 4B. "Our solid first-quarter results once again demonstrate the strength and resiliency of our portfolio," said Mark Costa, Board Chair and CEO. "We delivered strong volume growth in our specialty businesses driven by innovative, high margin products which are accelerating demand growth in attractive, niche markets. We also continue to benefit from aggressive cost management and disciplined capital allocation. We remain confident in the resiliency of our portfolio and the sustainability of our strong cash flow going forward." Earnings per diluted share                                                       $1.89                                 $1.69                                                                                                                                                 Adjusted earnings per diluted share*                                       $1.83                                 $1.71                                                                                                                                                                                                                                  Net cash provided by operating activities                                $52                                    $51 *For adjusted provision for income taxes in 1Q 2017, non-core items in 1Q 2016, and reconciliation to reported company and segment earnings, see Tables 3A, 4A, and 4B. Additives & Functional Products - Sales revenue increased due to higher sales volume across the segment, partially offset by slightly lower selling prices and an unfavorable shift in foreign currency exchange rates. The lower selling prices were primarily attributed to lower raw material prices in the prior year. Operating earnings were relatively unchanged as higher sales volume was mostly offset by higher raw material and energy costs, lower selling prices, and an unfavorable shift in foreign currency exchange rates.                                                                                                                        Advanced Materials - Sales revenue increased due to improved product mix resulting from higher sales volume of premium products including Eastman TritanTM copolyester, performance films, and Saflex® acoustic interlayers. Operating earnings increased due to higher sales volume, improved product mix of premium products, and fixed cost leverage, partially offset by higher raw material and energy costs and lower selling prices. Chemical Intermediates - Sales revenue increased primarily due to higher selling prices. The higher selling prices were attributed to higher raw material prices and improved competitive conditions. Operating earnings increased primarily due to higher selling prices and lower commodity hedge costs, partially offset by higher raw material and energy costs. Fibers - Sales revenue decreased primarily due to lower sales volume and lower selling prices, particularly for acetate tow. Lower acetate tow sales volume was primarily due to reduced sales in China and customer buying patterns. Lower acetate tow selling prices were primarily due to lower industry capacity utilization rates. Operating earnings declined due to lower sales volume and lower selling prices, partially offset by lower operating costs resulting from recent actions. Eastman generated $52 million in cash from operating activities during first-quarter 2017. Strong earnings were partially offset by a normal seasonal increase in working capital. Share repurchases totaled $75 million in first quarter 2017. Priorities for uses of available cash include payment of the quarterly dividend, repayment of debt, funding targeted growth initiatives, and repurchasing shares. Outlook             Commenting on the outlook for full-year 2017, Costa said: "We started out 2017 with convincing first-quarter results, and we expect our innovative, high margin products to continue to drive compelling growth in what remains an uncertain global business environment. Aggressive cost management and disciplined capital allocation are also expected to continue contributing to earnings growth, helping to offset challenges in Fibers. We remain confident in the actions we are taking to deliver growth despite the challenges we face, and therefore continue to expect adjusted EPS growth in 2017 to be between 8-12 percent." The full-year 2017 projected earnings exclude any non-core, unusual, or non-recurring items in the remaining nine months of 2017 and assumes that the adjusted tax rate detailed in Tables 4A and 4B for first quarter 2017 will be the actual rate for full-year 2017. Our 2017 financial results forecasts do not include non-core items (such as mark-to-market pension and other postretirement benefit gain or loss) or any unusual or non-recurring items, and we accordingly are unable to reconcile projected full-year 2017 earnings excluding non-core and any unusual or non-recurring items to reported GAAP earnings without unreasonable efforts. This news release includes forward-looking statements concerning current expectations and assumptions for future global economic conditions; competitive position and acceptance of specialty products in key markets; mix of products sold; raw material and energy prices and costs, and other costs; and revenue, earnings, and cash flow for full-year 2017. Such expectations and assumptions 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 and assumptions 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 be detailed in the company's filings with the Securities and Exchange Commission, including the Form 10-K filed for 2016 available, and the Form 10-Q to be filed for first quarter 2017 and to be available, on the Eastman web site at www.eastman.com in the Investors, SEC filings section. Eastman will host a conference call with industry analysts on April 28, 2017 at 8:00 a.m. ET. To listen to the live webcast of the conference call and view the accompanying slides, go to www.investors.eastman.com, Events & Presentations. To listen via telephone, the dial-in number is 913-312-0378, passcode number 5196633. A web replay, a replay in downloadable MP3 format, and the accompanying slides will be available at www.investors.eastman.com, Events & Presentations. A telephone replay will be available continuously from 11:00 a.m. ET, April 28 to 11:00 a.m. ET, May 8 at 888-203-1112 or 719-457-0820, passcode 5196633. Eastman is a global advanced materials and specialty additives 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 more than 100 countries and had 2016 revenues of approximately $9.0 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.


News Article | April 27, 2017
Site: globenewswire.com

KINGSPORT, Tenn., April 27, 2017 - Eastman Chemical Company (NYSE:EMN) today announced reported earnings of $1.89 per diluted share for first-quarter 2017 versus $1.69 per diluted share for first quarter 2016. Adjusted earnings were $1.83 per diluted share for first quarter 2017 versus $1.71 per diluted share for first quarter 2016. For detail of the adjustments and reconciliation to reported company and segment earnings, see Tables 3A, 4A, and 4B. "Our solid first-quarter results once again demonstrate the strength and resiliency of our portfolio," said Mark Costa, Board Chair and CEO. "We delivered strong volume growth in our specialty businesses driven by innovative, high margin products which are accelerating demand growth in attractive, niche markets. We also continue to benefit from aggressive cost management and disciplined capital allocation. We remain confident in the resiliency of our portfolio and the sustainability of our strong cash flow going forward." Earnings per diluted share                                                       $1.89                                 $1.69                                                                                                                                                 Adjusted earnings per diluted share*                                       $1.83                                 $1.71                                                                                                                                                                                                                                  Net cash provided by operating activities                                $52                                    $51 *For adjusted provision for income taxes in 1Q 2017, non-core items in 1Q 2016, and reconciliation to reported company and segment earnings, see Tables 3A, 4A, and 4B. Additives & Functional Products - Sales revenue increased due to higher sales volume across the segment, partially offset by slightly lower selling prices and an unfavorable shift in foreign currency exchange rates. The lower selling prices were primarily attributed to lower raw material prices in the prior year. Operating earnings were relatively unchanged as higher sales volume was mostly offset by higher raw material and energy costs, lower selling prices, and an unfavorable shift in foreign currency exchange rates.                                                                                                                        Advanced Materials - Sales revenue increased due to improved product mix resulting from higher sales volume of premium products including Eastman TritanTM copolyester, performance films, and Saflex® acoustic interlayers. Operating earnings increased due to higher sales volume, improved product mix of premium products, and fixed cost leverage, partially offset by higher raw material and energy costs and lower selling prices. Chemical Intermediates - Sales revenue increased primarily due to higher selling prices. The higher selling prices were attributed to higher raw material prices and improved competitive conditions. Operating earnings increased primarily due to higher selling prices and lower commodity hedge costs, partially offset by higher raw material and energy costs. Fibers - Sales revenue decreased primarily due to lower sales volume and lower selling prices, particularly for acetate tow. Lower acetate tow sales volume was primarily due to reduced sales in China and customer buying patterns. Lower acetate tow selling prices were primarily due to lower industry capacity utilization rates. Operating earnings declined due to lower sales volume and lower selling prices, partially offset by lower operating costs resulting from recent actions. Eastman generated $52 million in cash from operating activities during first-quarter 2017. Strong earnings were partially offset by a normal seasonal increase in working capital. Share repurchases totaled $75 million in first quarter 2017. Priorities for uses of available cash include payment of the quarterly dividend, repayment of debt, funding targeted growth initiatives, and repurchasing shares. Outlook             Commenting on the outlook for full-year 2017, Costa said: "We started out 2017 with convincing first-quarter results, and we expect our innovative, high margin products to continue to drive compelling growth in what remains an uncertain global business environment. Aggressive cost management and disciplined capital allocation are also expected to continue contributing to earnings growth, helping to offset challenges in Fibers. We remain confident in the actions we are taking to deliver growth despite the challenges we face, and therefore continue to expect adjusted EPS growth in 2017 to be between 8-12 percent." The full-year 2017 projected earnings exclude any non-core, unusual, or non-recurring items in the remaining nine months of 2017 and assumes that the adjusted tax rate detailed in Tables 4A and 4B for first quarter 2017 will be the actual rate for full-year 2017. Our 2017 financial results forecasts do not include non-core items (such as mark-to-market pension and other postretirement benefit gain or loss) or any unusual or non-recurring items, and we accordingly are unable to reconcile projected full-year 2017 earnings excluding non-core and any unusual or non-recurring items to reported GAAP earnings without unreasonable efforts. This news release includes forward-looking statements concerning current expectations and assumptions for future global economic conditions; competitive position and acceptance of specialty products in key markets; mix of products sold; raw material and energy prices and costs, and other costs; and revenue, earnings, and cash flow for full-year 2017. Such expectations and assumptions 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 and assumptions 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 be detailed in the company's filings with the Securities and Exchange Commission, including the Form 10-K filed for 2016 available, and the Form 10-Q to be filed for first quarter 2017 and to be available, on the Eastman web site at www.eastman.com in the Investors, SEC filings section. Eastman will host a conference call with industry analysts on April 28, 2017 at 8:00 a.m. ET. To listen to the live webcast of the conference call and view the accompanying slides, go to www.investors.eastman.com, Events & Presentations. To listen via telephone, the dial-in number is 913-312-0378, passcode number 5196633. A web replay, a replay in downloadable MP3 format, and the accompanying slides will be available at www.investors.eastman.com, Events & Presentations. A telephone replay will be available continuously from 11:00 a.m. ET, April 28 to 11:00 a.m. ET, May 8 at 888-203-1112 or 719-457-0820, passcode 5196633. Eastman is a global advanced materials and specialty additives 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 more than 100 countries and had 2016 revenues of approximately $9.0 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.


News Article | April 27, 2017
Site: globenewswire.com

KINGSPORT, Tenn., April 27, 2017 - Eastman Chemical Company (NYSE:EMN) today announced reported earnings of $1.89 per diluted share for first-quarter 2017 versus $1.69 per diluted share for first quarter 2016. Adjusted earnings were $1.83 per diluted share for first quarter 2017 versus $1.71 per diluted share for first quarter 2016. For detail of the adjustments and reconciliation to reported company and segment earnings, see Tables 3A, 4A, and 4B. "Our solid first-quarter results once again demonstrate the strength and resiliency of our portfolio," said Mark Costa, Board Chair and CEO. "We delivered strong volume growth in our specialty businesses driven by innovative, high margin products which are accelerating demand growth in attractive, niche markets. We also continue to benefit from aggressive cost management and disciplined capital allocation. We remain confident in the resiliency of our portfolio and the sustainability of our strong cash flow going forward." Earnings per diluted share                                                       $1.89                                 $1.69                                                                                                                                                 Adjusted earnings per diluted share*                                       $1.83                                 $1.71                                                                                                                                                                                                                                  Net cash provided by operating activities                                $52                                    $51 *For adjusted provision for income taxes in 1Q 2017, non-core items in 1Q 2016, and reconciliation to reported company and segment earnings, see Tables 3A, 4A, and 4B. Additives & Functional Products - Sales revenue increased due to higher sales volume across the segment, partially offset by slightly lower selling prices and an unfavorable shift in foreign currency exchange rates. The lower selling prices were primarily attributed to lower raw material prices in the prior year. Operating earnings were relatively unchanged as higher sales volume was mostly offset by higher raw material and energy costs, lower selling prices, and an unfavorable shift in foreign currency exchange rates.                                                                                                                        Advanced Materials - Sales revenue increased due to improved product mix resulting from higher sales volume of premium products including Eastman TritanTM copolyester, performance films, and Saflex® acoustic interlayers. Operating earnings increased due to higher sales volume, improved product mix of premium products, and fixed cost leverage, partially offset by higher raw material and energy costs and lower selling prices. Chemical Intermediates - Sales revenue increased primarily due to higher selling prices. The higher selling prices were attributed to higher raw material prices and improved competitive conditions. Operating earnings increased primarily due to higher selling prices and lower commodity hedge costs, partially offset by higher raw material and energy costs. Fibers - Sales revenue decreased primarily due to lower sales volume and lower selling prices, particularly for acetate tow. Lower acetate tow sales volume was primarily due to reduced sales in China and customer buying patterns. Lower acetate tow selling prices were primarily due to lower industry capacity utilization rates. Operating earnings declined due to lower sales volume and lower selling prices, partially offset by lower operating costs resulting from recent actions. Eastman generated $52 million in cash from operating activities during first-quarter 2017. Strong earnings were partially offset by a normal seasonal increase in working capital. Share repurchases totaled $75 million in first quarter 2017. Priorities for uses of available cash include payment of the quarterly dividend, repayment of debt, funding targeted growth initiatives, and repurchasing shares. Outlook             Commenting on the outlook for full-year 2017, Costa said: "We started out 2017 with convincing first-quarter results, and we expect our innovative, high margin products to continue to drive compelling growth in what remains an uncertain global business environment. Aggressive cost management and disciplined capital allocation are also expected to continue contributing to earnings growth, helping to offset challenges in Fibers. We remain confident in the actions we are taking to deliver growth despite the challenges we face, and therefore continue to expect adjusted EPS growth in 2017 to be between 8-12 percent." The full-year 2017 projected earnings exclude any non-core, unusual, or non-recurring items in the remaining nine months of 2017 and assumes that the adjusted tax rate detailed in Tables 4A and 4B for first quarter 2017 will be the actual rate for full-year 2017. Our 2017 financial results forecasts do not include non-core items (such as mark-to-market pension and other postretirement benefit gain or loss) or any unusual or non-recurring items, and we accordingly are unable to reconcile projected full-year 2017 earnings excluding non-core and any unusual or non-recurring items to reported GAAP earnings without unreasonable efforts. This news release includes forward-looking statements concerning current expectations and assumptions for future global economic conditions; competitive position and acceptance of specialty products in key markets; mix of products sold; raw material and energy prices and costs, and other costs; and revenue, earnings, and cash flow for full-year 2017. Such expectations and assumptions 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 and assumptions 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 be detailed in the company's filings with the Securities and Exchange Commission, including the Form 10-K filed for 2016 available, and the Form 10-Q to be filed for first quarter 2017 and to be available, on the Eastman web site at www.eastman.com in the Investors, SEC filings section. Eastman will host a conference call with industry analysts on April 28, 2017 at 8:00 a.m. ET. To listen to the live webcast of the conference call and view the accompanying slides, go to www.investors.eastman.com, Events & Presentations. To listen via telephone, the dial-in number is 913-312-0378, passcode number 5196633. A web replay, a replay in downloadable MP3 format, and the accompanying slides will be available at www.investors.eastman.com, Events & Presentations. A telephone replay will be available continuously from 11:00 a.m. ET, April 28 to 11:00 a.m. ET, May 8 at 888-203-1112 or 719-457-0820, passcode 5196633. Eastman is a global advanced materials and specialty additives 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 more than 100 countries and had 2016 revenues of approximately $9.0 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.


Patent
Functional Products Inc. | Date: 2010-03-31

An alumina fiber aggregate which is minimized in scatter of fibers, excels in handling characteristics and working environmental hygiene and finds its useful application to support mats for catalytic converters and such is provided. An alumina fiber aggregate comprising alumina short fibers having such properties that when diameters of said alumina short fibers are represented by x (m), the rate at which the natural logarithmic value ln x in lognormal distribution of x is less than ln 3 is not more than 2%, and the value left after deducting from the length-weighted geometric mean of said fiber diameters a value twice its standard error is not more than 6 m; and a support mat for catalytic converters comprising such an alumina fiber aggregate.

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