EASTMAN CHEMICAL COMPANY (NYSE:EMN) Files An 8-K Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition
publicly released its financial results for fourth quarter and
full year 2016, and furnished the full text of the release as
Exhibit 99.01 to the Current Report on Form 8-K (the 8-K) that is
amended by this Current Report on Form 8-K/A (this 8-K/A). This
8-K/A is being furnished prior to and on the same date as filing
of the Companys Annual Report on Form 10-K for the year ended
December 31, 2016 (the 10-K) to correct information contained in
Exhibit 99.01 to the 8-K and to conform to information presented
in the 10-K.
Company identified an omission of a plan provision from the
actuarially calculated fourth quarter 2016 mark-to-market pension
and other postretirement benefit plans loss, net disclosed in the
8-K. Correcting for this omission resulted in an increase in such
amount to $67 million rather than the $46 million disclosed in
the 8-K. Accordingly, certain of the financial results for fourth
quarter and full year 2016 to be reported in the 10-K are
different than those financial results disclosed in the 8-K as
follows:
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Fourth Quarter 2016
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Twelve Months 2016
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||||||||||||||
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As Furnished
in the 8-K
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As Corrected
|
As Furnished in the 8-K
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As Corrected
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||||||||||||
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Cost of sales
|
$
|
1,683
|
$
|
1,698
|
$
|
6,643
|
$
|
6,658
|
|||||||
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Gross profit
|
2,365
|
2,350
|
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Selling, general and administrative expenses
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Research and development expenses
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|||||||||||||||
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Operating earnings
|
1,404
|
1,383
|
|||||||||||||
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Earnings before income taxes
|
1,070
|
1,049
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|||||||||||||
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Provision (benefit) for income taxes
|
(5
|
)
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Net earnings
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|||||||||||||||
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Net earnings attributable to Eastman
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Basic earnings per share attributable to Eastman
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$
|
0.88
|
$
|
0.79
|
$
|
5.88
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$
|
5.80
|
|||||||
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Diluted earnings per share attributable to Eastman
|
$
|
0.87
|
$
|
0.79
|
$
|
5.84
|
$
|
5.75
|
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taxes, net earnings, and earnings per share excluding non-core
items for fourth quarter and full year 2016 are unchanged in the
10-K from the 8-K because the mark-to-mark pension and other
postretirement benefit plans loss, net is excluded from each
earnings measure in both the 8-K and the 10-K.
Section 18 of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), or incorporated by reference in any filing
under the Securities Act of 1933, as amended, or the Exchange
Act, except as shall be expressly set forth by specific reference
in such a filing.
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EASTMAN CHEMICAL COMPANY – EMN
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About EASTMAN CHEMICAL COMPANY (NYSE:EMN)
Eastman Chemical Company (Eastman) is a specialty chemicals company that produces a range of advanced materials, chemicals and fibers. The Company operates through five segments: Additives & Functional Products (AFP), Adhesives & Plasticizers (A&P), Advanced Materials (AM), Fibers, and Specialty Fluids & Intermediates (SFI). In the AFP segment, the Company manufactures chemicals for products in the coatings, tires, consumables, animal nutrition, crop protection and energy markets. The A&P segment focuses on producing intermediate chemicals. In the AM segment, the Company produces and markets its polymers, films and plastics. In the Fibers segment, the Company manufactures and sells Estron acetate tow and Estrobond triacetin plasticizers; Estron natural (undyed) and Chromspun solution-dyed acetate yarns and cellulose acetate flake and acetyl raw materials. The SFI segment offers products, such as acetyl chemical intermediates, olefin derivatives, specialty fluids and alkylamines. EASTMAN CHEMICAL COMPANY (NYSE:EMN) Recent Trading Information
EASTMAN CHEMICAL COMPANY (NYSE:EMN) closed its last trading session down -0.08 at 80.08 with 643,696 shares trading hands.