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Eastman Chemical Company EMN
Q1 2013 Earnings Call Transcript

Transcript Call Date 04/26/2013

Operator: Good day, everyone, and welcome to the Eastman Chemical Company First Quarter 2013 Earnings Conference Call. Today's conference is being recorded. This call is being broadcast live on the Eastman's website www.eastman.com.

We will now turn the call over to Mr. Greg Riddle of Eastman Chemical Company, Investor Relations. Please go ahead, sir.

Gregory A. Riddle - Director, IR: Okay. Thank you, Michael and good morning everyone, and thanks for joining us. On the call with me today are Jim Rogers, Chairman and CEO; Curt Espeland, Senior Vice President and CFO; and Josh Morgan, Manager, Investor Relations.

Before we begin, I'll cover four items. First, during this presentation, you will hear certain forward-looking statements concerning our plans and expectations. Actual events or results could differ materially. Certain factors related to future expectations are or will be detailed in the Company's fourth quarter and full year 2012 financial results news release and in our filings with the Securities and Exchange Commission, including our Form 10-Q for fourth quarter 2012 and our Form 10-K to be filed for 2012.

Second, earnings per share and operating earnings referenced in this presentation exclude mark-to-market pension and OPEB losses and gains, Solutia acquisition related costs and asset impairments and restructuring charges and gains.

A reconciliation to the most directly comparable GAAP financial measures and other associated disclosures, including a description of the excluded items available on our first quarter financial results news release which can be found at eastman.com in the Investors section.

Projections of future earnings in the presentation exclude mark-to-market pension and OPEB losses and gains, Solutia integration costs and any asset impairments and restructuring charges.

Third, this presentation includes revenues and operating earnings on a pro forma combined basis, assuming the acquisition of Solutia have been completed prior to first quarter 2012 that compare post-acquisition results to pre-acquisition pro forma combined results. More information on pro forma combined results is in our first quarter 2013 financial results news release.

Lastly, we've posted slides that accompany our remarks for this morning's call on our website in the Presentations and Events section.

With that, I'll turn the call over to Jim.

James P. Rogers - Chairman and CEO: Thanks, Greg and good morning, everyone. Let's go over to Slide 3. As is my normal practice on these calls, I'll take just a moment upfront to provide an update on our most recent outlook statements. First of all, we continue to make good progress on the Solutia integration. Curt will provide you with more color in his section, but I just want to reiterate how pleased I am with how the integration is going and how well these businesses and our cultures are coming together to create value.

Next, in February, we've raised our full year 2013 EPS expectation to a range of $6.30 to $6.40, which would be a 17% and 19% growth rate over 2012 and today we're reaffirming that guidance as on balance, our portfolio of businesses continues to perform well despite an uncertain economic environment.

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