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Sunday, January 8, 2012
Dow Jones History – 1902 – 1941
Dow Jones History 1902-1941 is acquired by the leading financial journalist of the day, Clarence Barron. Over the next 30 years, Barron recruits and develops a generation of journalists who promote Dow Jones’s reputation for excellence. Those journalists would take the company successfully through the Great Depression and into a new era of prosperity and progress.
1921
Barron’s, America’s premier financial weekly, is founded; its first editor is Clarence Barron.
1926
A motor-driven version of the “Ticker” – a key invention in the delivery of real-time news – was developed by the Dow Jones engineering department.
1929
The first issue of the Pacific Coast Edition of the Journal rolls off the presses on Oct. 21, eight days before the great stock-market crash.
1930
Dow Jones is incorporated in New York. It is now known as Dow Jones & Company after the comma is spent from the former Dow, Jones & Company.
1934
Afternoon edition of the Journal ceases.
Chief Executive Officer Casey Hogate begins a series of changes during the next decade that finally result in the metamorphosis of the Journal into a new kind of everyday newspaper. One of these changes is coming of the “What’s News” column. Created by Bernard “Barney” Kilgore, that column was the first major informal of the news, a precursor to omnipresent summaries and digests on the Internet today.
1921
Barron’s, America’s premier financial weekly, is founded; its first editor is Clarence Barron.
1926
A motor-driven version of the “Ticker” – a key invention in the delivery of real-time news – was developed by the Dow Jones engineering department.
1929
The first issue of the Pacific Coast Edition of the Journal rolls off the presses on Oct. 21, eight days before the great stock-market crash.
1930
Dow Jones is incorporated in New York. It is now known as Dow Jones & Company after the comma is spent from the former Dow, Jones & Company.
1934
Afternoon edition of the Journal ceases.
Chief Executive Officer Casey Hogate begins a series of changes during the next decade that finally result in the metamorphosis of the Journal into a new kind of everyday newspaper. One of these changes is coming of the “What’s News” column. Created by Bernard “Barney” Kilgore, that column was the first major informal of the news, a precursor to omnipresent summaries and digests on the Internet today.
Dow Jones – 2007 and beyond
News Corp. acquires Dow Jones in December 2007, and the horizons expand again. Now part of a global media company which takes Fox, SKY, HarperCollins and newspapers from London to Sydney, Dow Jones reinvents the Journal for a early era of news. Now the Journal covers more political and general news along with its leading business coverage. Fresh investment delivers new game-changing business intelligence tools as well as new markets in Europe and Asia. At a time when other media companies are retrenching, Dow Jones is moving sharply to build on the success of the past and to capture the opportunity of the future.
2008
The Journal is reconceived as a more full source of news with expanded coverage of national and international events as well as more opinion, culture and sports.
Audiences expand. In addition to growth in paid circulation at the Journal, there are new local language products from Newswires in Spanish, Dutch and Arabic. Newswires also expands significantly in India.
Dow Jones Indexes launches the Global Dow, a global version of the Dow Jones Industrial Average aggregating 150 blue-chip stocks from around the world.
WSJ., the Journal’s glossy lifestyle magazine debuts world-wide.
2009
Ottaway Newspapers Inc. is renamed the Dow Jones Local Media Group.
The company proceeds its headquarters to midtown Manhattan where at 1211 Avenue of the Americas it joins its sister companies at News Corp. under one roof.
2008
The Journal is reconceived as a more full source of news with expanded coverage of national and international events as well as more opinion, culture and sports.
Audiences expand. In addition to growth in paid circulation at the Journal, there are new local language products from Newswires in Spanish, Dutch and Arabic. Newswires also expands significantly in India.
Dow Jones Indexes launches the Global Dow, a global version of the Dow Jones Industrial Average aggregating 150 blue-chip stocks from around the world.
WSJ., the Journal’s glossy lifestyle magazine debuts world-wide.
2009
Ottaway Newspapers Inc. is renamed the Dow Jones Local Media Group.
The company proceeds its headquarters to midtown Manhattan where at 1211 Avenue of the Americas it joins its sister companies at News Corp. under one roof.
Dow Corning and Hemlock Semiconductor Group: Striking Balance – How the Solar Industry Benefits From the U.S. & China
MIDLAND, Mich.–(BUSINESSWIRE)– The following is an opinion editorial provided by Robert D. Hansen, president and CEO, Dow Corning Corporation & Stephanie A. Burns, chairman, Dow Corning Corporation:
The trade case brought against Chinese solar manufacturers by U.S. solar-panel producer SolarWorld and six other domestic equipment makers could undermine the solar industry’s significant progress at the very moment it is poised for success.
With a largely jobless recovery here at home and a Chinese economy that is “cooling down,” a trade war over solar module product threatens both nations’ economies and the global viability of the solar industry overall.
Currently, the U.S. Department of Commerce is investigating whether or not it should enforce preliminary tariffs in the case – this is happening against the backdrop of a growing chorus of political rhetoric. Meanwhile, China’s Commerce Ministry is not standing idle—they are gearing up for action. It appears they are serious about initiating their own measures in anticipation of the U.S. advocating for trade remedies to be put in place.
At a time of economic dislocation and dissatisfied, it is tempting to politicize trade disputes. But no nation or industry “wins” when these disputes escalate—and the unintended consequences of such an escalation will most likely outweigh the larger, negative impact on this great relationship with our largest trading partner.
The undone case raises concerns, but resolving this issue through an adversarial confrontation will impede both countries’ abilities to profit from a growing solar market both in the U.S. and abroad. Such benefits are only possible through lower prices catalyzed by healthy contest between global manufacturers. Countries around the world realize the economic contributions the solar industry can provide, and are supporting new technologies and markets. This is not news. But to be clear: Competition and incentives need to be fair for all industry players.
Our companies, Dow Corning and Hemlock Semiconductor Group are among the world’s leading suppliers of polysilicon and other key solar materials that power solar design. Together, our common goal is to contribute to and support a thriving solar industry. Our recent U.S. investments of more than $5 billion back up that statement. We are expanding research, development and manufacturing capacity for materials such as polysilicon to help meet growing global demand. Our investments have made positive contributions toward getting the economy back on track – creating thousands of high paying jobs in economically hard-hit states like Michigan and Tennessee.
Further, our business analyses indicate that now is the time for America’s solar industry to take off. The amount of new solar wattage installed in the U.S. has been growing more than 70 percent per year since 2008. Last year alone, the solar industry created approximately 100,000 jobs, an increase of nearly 7 percent.
As the solar industry continues to mature, the steep decline in solar panel prices have made solar energy affordable, delivering important benefits for consumers while encouraging the development of large-scale photovoltaic projects. These installations, from residential rooftops to utility-scale solar farms are helping the economy and the environment.
Continued investing given by domestic and foreign solar companies will leave solar to play an increasingly pivotal role in our country’s energy mix. And, as the solar industry continues to grow and reach economies of scale, it will further drive job creation in communities around the country, up and down the value chain from manufacturing to installation.
The world wants and needs growing, sustainable and environmentally positive sources of energy. To that end, a growing U.S. solar market is good business for everyone – for our companies and dozens of other domestic manufacturers; for distributors, developers, and installers; and for households, small businesses and other enterprises.
In a down economy, the numbers help tell the tale: A recent Forbes story notes that the U.S. was a $5.6 billion gross exporter in solar-related products in 2010 – exporting $1.9 billion more than it imported – taking net exports of approximately $400 million to China.
The solar industry is ready for its moment in the sun: Here at home, we hope fairness prevails so that the investigatory process moves without acrimony, political overzealousness or protectionism; at stake are U.S. jobs, U.S. exports, and U.S. consumer profits for a strategically important U.S industry.
The trade case brought against Chinese solar manufacturers by U.S. solar-panel producer SolarWorld and six other domestic equipment makers could undermine the solar industry’s significant progress at the very moment it is poised for success.
With a largely jobless recovery here at home and a Chinese economy that is “cooling down,” a trade war over solar module product threatens both nations’ economies and the global viability of the solar industry overall.
Currently, the U.S. Department of Commerce is investigating whether or not it should enforce preliminary tariffs in the case – this is happening against the backdrop of a growing chorus of political rhetoric. Meanwhile, China’s Commerce Ministry is not standing idle—they are gearing up for action. It appears they are serious about initiating their own measures in anticipation of the U.S. advocating for trade remedies to be put in place.
At a time of economic dislocation and dissatisfied, it is tempting to politicize trade disputes. But no nation or industry “wins” when these disputes escalate—and the unintended consequences of such an escalation will most likely outweigh the larger, negative impact on this great relationship with our largest trading partner.
The undone case raises concerns, but resolving this issue through an adversarial confrontation will impede both countries’ abilities to profit from a growing solar market both in the U.S. and abroad. Such benefits are only possible through lower prices catalyzed by healthy contest between global manufacturers. Countries around the world realize the economic contributions the solar industry can provide, and are supporting new technologies and markets. This is not news. But to be clear: Competition and incentives need to be fair for all industry players.
Our companies, Dow Corning and Hemlock Semiconductor Group are among the world’s leading suppliers of polysilicon and other key solar materials that power solar design. Together, our common goal is to contribute to and support a thriving solar industry. Our recent U.S. investments of more than $5 billion back up that statement. We are expanding research, development and manufacturing capacity for materials such as polysilicon to help meet growing global demand. Our investments have made positive contributions toward getting the economy back on track – creating thousands of high paying jobs in economically hard-hit states like Michigan and Tennessee.
Further, our business analyses indicate that now is the time for America’s solar industry to take off. The amount of new solar wattage installed in the U.S. has been growing more than 70 percent per year since 2008. Last year alone, the solar industry created approximately 100,000 jobs, an increase of nearly 7 percent.
As the solar industry continues to mature, the steep decline in solar panel prices have made solar energy affordable, delivering important benefits for consumers while encouraging the development of large-scale photovoltaic projects. These installations, from residential rooftops to utility-scale solar farms are helping the economy and the environment.
Continued investing given by domestic and foreign solar companies will leave solar to play an increasingly pivotal role in our country’s energy mix. And, as the solar industry continues to grow and reach economies of scale, it will further drive job creation in communities around the country, up and down the value chain from manufacturing to installation.
The world wants and needs growing, sustainable and environmentally positive sources of energy. To that end, a growing U.S. solar market is good business for everyone – for our companies and dozens of other domestic manufacturers; for distributors, developers, and installers; and for households, small businesses and other enterprises.
In a down economy, the numbers help tell the tale: A recent Forbes story notes that the U.S. was a $5.6 billion gross exporter in solar-related products in 2010 – exporting $1.9 billion more than it imported – taking net exports of approximately $400 million to China.
The solar industry is ready for its moment in the sun: Here at home, we hope fairness prevails so that the investigatory process moves without acrimony, political overzealousness or protectionism; at stake are U.S. jobs, U.S. exports, and U.S. consumer profits for a strategically important U.S industry.
One Reason International Flavors & Fragrances May Be Headed for a Slowdown
Here at The Motley Fool, I’ve long cautioned investors to observe a close eye on inventory levels. It’s a part of my regular diligence when searching for the market’s best Stocks. I think a quarterly checkup can help you spot possible problems. For man
y companies, products that sit on the shelves too long can turn big trouble. Stale inventory can be sold for lower prices, hurting profitability. In extreme cases, it may be written off completely and sent to the shredder.
In this series, I examine inventory using a simple rule of thumb: Inventory increases ought to some parallel revenue increases. If inventory bloats more speedily than sales grow, this might be a sign that expected sales haven’t materialized.
How is International Flavors & Fragrances doing by this quick checkup? At first glance, OK, it seems. Trailing-12-month receipts increased 7.6%, and inventory increased 6.1%. Over the sequential quarterly period, the trend looks healthy. Revenue dropped 0.3%, and inventory spent 5.9%.
Advanced inventory
I don’t stop my checkup there, because the type of inventory can matter even more than the overall amount. There’s even one type of inventory bulge we sometimes like to see. You can check for it by examining the quarterly filings to evaluate the another kinds of inventory: raw materials, work-in-progress inventory, and finished goods. (Some companies report the first two types as a single category.)
A company ramping up for increased demand may increase raw materials and work-in-progress inventory at a faster rate when it expects robust future growth. As such, we might consider oversized growth in those categories to offer a clue to a brighter future, and a clue that most other investors will miss. We call it “positive inventory difference.”
On the other hand, if we see a big increase in finished goods, that often means product isn’t moving as well as expected, and it’s time to hunker down with the filings and conference calls to find out why.
Let’s dig into the inventory specifics. On a trailing-12-month basis, complete goods inventory was the fastest-growing section, up 21.2%. That can be a warning sign, so investors should check in with International Flavors & Fragrances’s filings to make sure there’s a good reason for packing the storeroom for this period. On a sequential-quarter basis, work-in-progress inventory was the fastest-growing segment, up 0.5%. International Flavors & Fragrances seems to be handling inventory well enough, but the individual segments don’t allow a clear signal.
Foolish bottom line
When you’re doing your research, remember that multiple numbers such as inventory balances often mask situations that are more complex than they appear. Even the detailed numbers don’t give us the final word. When in doubt, listen to the conference call, or contact investor relations. What at first looks like a problem may actually signal a stock that will allow the market’s best returns. And what might look hunky-dory at first glance could actually be warning you to cut your losses before the rest of the Street wises up.
I run these quick inventory checks every quarter. To stay on top of the inventory story at your favorite companies, just use the following handy links to add companies to your free watchlist, and we’ll deliver our latest coverage right to your inbox.
y companies, products that sit on the shelves too long can turn big trouble. Stale inventory can be sold for lower prices, hurting profitability. In extreme cases, it may be written off completely and sent to the shredder.In this series, I examine inventory using a simple rule of thumb: Inventory increases ought to some parallel revenue increases. If inventory bloats more speedily than sales grow, this might be a sign that expected sales haven’t materialized.
How is International Flavors & Fragrances doing by this quick checkup? At first glance, OK, it seems. Trailing-12-month receipts increased 7.6%, and inventory increased 6.1%. Over the sequential quarterly period, the trend looks healthy. Revenue dropped 0.3%, and inventory spent 5.9%.
Advanced inventory
I don’t stop my checkup there, because the type of inventory can matter even more than the overall amount. There’s even one type of inventory bulge we sometimes like to see. You can check for it by examining the quarterly filings to evaluate the another kinds of inventory: raw materials, work-in-progress inventory, and finished goods. (Some companies report the first two types as a single category.)
A company ramping up for increased demand may increase raw materials and work-in-progress inventory at a faster rate when it expects robust future growth. As such, we might consider oversized growth in those categories to offer a clue to a brighter future, and a clue that most other investors will miss. We call it “positive inventory difference.”
On the other hand, if we see a big increase in finished goods, that often means product isn’t moving as well as expected, and it’s time to hunker down with the filings and conference calls to find out why.
Let’s dig into the inventory specifics. On a trailing-12-month basis, complete goods inventory was the fastest-growing section, up 21.2%. That can be a warning sign, so investors should check in with International Flavors & Fragrances’s filings to make sure there’s a good reason for packing the storeroom for this period. On a sequential-quarter basis, work-in-progress inventory was the fastest-growing segment, up 0.5%. International Flavors & Fragrances seems to be handling inventory well enough, but the individual segments don’t allow a clear signal.
Foolish bottom line
When you’re doing your research, remember that multiple numbers such as inventory balances often mask situations that are more complex than they appear. Even the detailed numbers don’t give us the final word. When in doubt, listen to the conference call, or contact investor relations. What at first looks like a problem may actually signal a stock that will allow the market’s best returns. And what might look hunky-dory at first glance could actually be warning you to cut your losses before the rest of the Street wises up.
I run these quick inventory checks every quarter. To stay on top of the inventory story at your favorite companies, just use the following handy links to add companies to your free watchlist, and we’ll deliver our latest coverage right to your inbox.
Saturday, January 7, 2012
Globe Specialty Metals Continues To Shine
It took guts to float a early issue just as the offering window given after being shut tight during the recession.
But executives at silicon metal and silicon-based alloy producer Globe Specialty Metals (GSM) knew the timing was right when they took the company public on July 30, 2009.
“We believed we had the characteristics to be able to finished an IPO successfully, even though the market was just reopening for new offerings,” said Chief Financial Officer Malcolm Appelbaum. “We had very secure fundamentals. We made money throughout the recession other than a noncash impairment charge, and we had a very strong balance sheet.”
Keeping that in mind, Globe became the first domestic industrial company to go common since the market closed down during the recession, Appelbaum says.
Globe’s business has been thriving amid strong require, particularly for its main product, silicon metal. It’s an essential raw material in making silicone compounds, aluminum and polysilicon used in solar cells.
In fiscal Q3, profit surged 675% to 31 cents a share. Sales climbed 54% to $172.8 million.
“The silicon metal market is producing, and our capacity is running at full utilization as are the rest of the producers in the Western world,” said Appelbaum.
Demand has been strong in all of Globe’s key end markets.
Silicone Applications
Globe sells silicon metal to chemical firms such as Dow Chemical (DOW), which use the material to make silicone compounds. Silicone is used in a broad range of applications, including personal care items like shampoo and industrial products like caulking for insulation.
The demand for silicone chemicals has been growing for many years as new applications have been produced, particularly in emerging markets, says B. Riley & Co. analyst Ian Corydon.
People in developing nations are buying more consumer products, which have silicone as an ingredient such as shampoo and lipstick, adds Appelbaum.
Globe also markets to aluminum producers, which use silicon metal mainly to make auto components, which have a high content of the material.
The aluminum market has been quite strong, says Corydon. He sites a report by aluminum great Alcoa (AA) that estimates primary globally aluminum demand will grow 12% in 2011 on top of a 13% gain in 2010.
A key driver of demand is the fact that the aluminum content of cars keep going up because cars are goes made lighter to meet fuel efficiency requirements, Corydon says.
A third end market, polysilicon producers, use silicon metal to make solar cells.
But executives at silicon metal and silicon-based alloy producer Globe Specialty Metals (GSM) knew the timing was right when they took the company public on July 30, 2009.
“We believed we had the characteristics to be able to finished an IPO successfully, even though the market was just reopening for new offerings,” said Chief Financial Officer Malcolm Appelbaum. “We had very secure fundamentals. We made money throughout the recession other than a noncash impairment charge, and we had a very strong balance sheet.”
Keeping that in mind, Globe became the first domestic industrial company to go common since the market closed down during the recession, Appelbaum says.
Globe’s business has been thriving amid strong require, particularly for its main product, silicon metal. It’s an essential raw material in making silicone compounds, aluminum and polysilicon used in solar cells.
In fiscal Q3, profit surged 675% to 31 cents a share. Sales climbed 54% to $172.8 million.
“The silicon metal market is producing, and our capacity is running at full utilization as are the rest of the producers in the Western world,” said Appelbaum.
Demand has been strong in all of Globe’s key end markets.
Silicone Applications
Globe sells silicon metal to chemical firms such as Dow Chemical (DOW), which use the material to make silicone compounds. Silicone is used in a broad range of applications, including personal care items like shampoo and industrial products like caulking for insulation.
The demand for silicone chemicals has been growing for many years as new applications have been produced, particularly in emerging markets, says B. Riley & Co. analyst Ian Corydon.
People in developing nations are buying more consumer products, which have silicone as an ingredient such as shampoo and lipstick, adds Appelbaum.
Globe also markets to aluminum producers, which use silicon metal mainly to make auto components, which have a high content of the material.
The aluminum market has been quite strong, says Corydon. He sites a report by aluminum great Alcoa (AA) that estimates primary globally aluminum demand will grow 12% in 2011 on top of a 13% gain in 2010.
A key driver of demand is the fact that the aluminum content of cars keep going up because cars are goes made lighter to meet fuel efficiency requirements, Corydon says.
A third end market, polysilicon producers, use silicon metal to make solar cells.
Eastman Chemical on Expansion Spree
Eastman Chemical Company (NYSE: EMN – News) expanded its Benzoflex plasticizer product stock at the Estonia location for the second time. The move will boost the Benzoflex product capacity by 11,000 metric tons and is expected to be completed by the end of second-quarter 2012.
Eastman also plans to expand its Admex polymeric plasticizers and Benzoflex plasticiser lines located at Kingsport, Tennessee and Chestertown, Maryland. The expansions will increase the overall production capacity in North America by about 9,000 metric tons and is also expected to be completed by the end of second-quarter 2012.
Benzoflex is a benzoic acid derived that is used in caulks, sealants, adhesives and coatings. The material is also used to offer flexibility to PVC in various applications such as vinyl flooring.
Admex plasticizers support flexible vinyl combines in different applications, including hoses, gaskets, conveyor belts and PVC-based adhesive tapes. Admex and Benzoflex are non-phthalate plasticizers that are ideal for manufacturers, who look for sustainable substitutes to traditional phthalate plasticizers.
The expansion initiatives represent the growing demand for alternative solutions to traditional phthalate products. The establishment of the additional capacity will support Eastman Chemical’s Performance Chemicals and Intermediates division to meet the rising demand for non-phthalate plasticizers from customers.
Recently, the company declared its results for the 2nd quarter of 2011. The company reported second-quarter earnings of $2.76 per share compared with $1.95 per share a year earlier, beating the Zacks Consensus Estimate of $2.60 per share.
Sales improved across all product stocks and receipts climbed 26% year over year to $1.9 billion, driven by higher sales volume and increased selling prices, outpacing the Zacks Consensus Estimate of $1.8 billion.
The higher sales volume was primarily attributed to growth in plasticizer product lines, increased demand for acetyl chemicals, the fourth quarter 2010 restart of a previously idled olefins cracking unit at the Texas facility, and stronger end-market demand, especially in the packaging, transportation, and durable goods markets. The increase in selling prices resulted from higher raw material and energy costs.
Based on the strong first half 2011 results, the company expects to keep to deliver earnings growth in the second half of 2011.
The results for the second quarter were driven by strong sales volumes and higher prices and Eastman expects the trend to remain into the third quarter as well. It expects to incur costs related to planned and unplanned shutdowns that are expected to be approximately $25 million higher in the second half of 2011 compared with the first half.
Even with these higher costs, Eastman anticipates third-quarter 2011 earnings per portion to be slightly higher than third-quarter 2010 earnings per share of $2.22 and expects full-year 2011 earnings per deal to be slightly higher than $9.25.
Eastman Chemical’s diversified chemical portfolio, along with its integrated and diverse downstream businesses, is driving earnings. Eastman benefits from business restructuring and cost-cutting measures. The company has sold unprofitable units and closed complete poorly performing ones.
The company, however, faces volatility in raw material and energy costs, higher pension expenses and other growth-related costs.
Eastman competes with large multinational companies, such as Celanese Corp. (NYSE: CE – News) and The Dow Chemical Co. (NYSE: DOW – News) and EI DuPont de Nemours & Co. (NYSE: DD – News).
Eastman also plans to expand its Admex polymeric plasticizers and Benzoflex plasticiser lines located at Kingsport, Tennessee and Chestertown, Maryland. The expansions will increase the overall production capacity in North America by about 9,000 metric tons and is also expected to be completed by the end of second-quarter 2012.
Benzoflex is a benzoic acid derived that is used in caulks, sealants, adhesives and coatings. The material is also used to offer flexibility to PVC in various applications such as vinyl flooring.
Admex plasticizers support flexible vinyl combines in different applications, including hoses, gaskets, conveyor belts and PVC-based adhesive tapes. Admex and Benzoflex are non-phthalate plasticizers that are ideal for manufacturers, who look for sustainable substitutes to traditional phthalate plasticizers.
The expansion initiatives represent the growing demand for alternative solutions to traditional phthalate products. The establishment of the additional capacity will support Eastman Chemical’s Performance Chemicals and Intermediates division to meet the rising demand for non-phthalate plasticizers from customers.
Recently, the company declared its results for the 2nd quarter of 2011. The company reported second-quarter earnings of $2.76 per share compared with $1.95 per share a year earlier, beating the Zacks Consensus Estimate of $2.60 per share.
Sales improved across all product stocks and receipts climbed 26% year over year to $1.9 billion, driven by higher sales volume and increased selling prices, outpacing the Zacks Consensus Estimate of $1.8 billion.
The higher sales volume was primarily attributed to growth in plasticizer product lines, increased demand for acetyl chemicals, the fourth quarter 2010 restart of a previously idled olefins cracking unit at the Texas facility, and stronger end-market demand, especially in the packaging, transportation, and durable goods markets. The increase in selling prices resulted from higher raw material and energy costs.
Based on the strong first half 2011 results, the company expects to keep to deliver earnings growth in the second half of 2011.
The results for the second quarter were driven by strong sales volumes and higher prices and Eastman expects the trend to remain into the third quarter as well. It expects to incur costs related to planned and unplanned shutdowns that are expected to be approximately $25 million higher in the second half of 2011 compared with the first half.
Even with these higher costs, Eastman anticipates third-quarter 2011 earnings per portion to be slightly higher than third-quarter 2010 earnings per share of $2.22 and expects full-year 2011 earnings per deal to be slightly higher than $9.25.
Eastman Chemical’s diversified chemical portfolio, along with its integrated and diverse downstream businesses, is driving earnings. Eastman benefits from business restructuring and cost-cutting measures. The company has sold unprofitable units and closed complete poorly performing ones.
The company, however, faces volatility in raw material and energy costs, higher pension expenses and other growth-related costs.
Eastman competes with large multinational companies, such as Celanese Corp. (NYSE: CE – News) and The Dow Chemical Co. (NYSE: DOW – News) and EI DuPont de Nemours & Co. (NYSE: DD – News).
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