US speciality chemicals company Eastman Chemical (Kingsport, Tennessee; www.eastman.com) has reported sales revenues of USD 9.6 bn for full year 2015, a 1% increase year-on-year as sales from businesses acquired in 2014 more than offset lower selling prices. Reported operating earnings for 2015 were USD 1.4 bn compared with USD 1.2 bn in 2014. Fourth-quarter 2015 sales revenue was USD 2.2 bn compared with USD 2.3 bn for fourth quarter 2014, while operating earnings jumped to USD 172m versus just USD 27m a year earlier.

Chairman and CEO Mark Costa said Eastman had delivered its sixth consecutive year of earnings growth and record cash from operations in 2015. He commented: “These results reflect the strength and robustness of our strategy to transform towards a specialty portfolio as we managed through a very challenging global business environment.”

Full-year operating profit in the adhesives and plasticisers business rose by 22% from 2014 to reach USD 239m. However, lower plasticiser selling prices had a negative impact on sales revenues, which fell by 11% year-on-year to USD 1.2 bn. Eastman said the weaker pricing stemmed from declining raw material and energy costs and ongoing competitive pressure, as well as an unfavourable shift in foreign exchange rates.

The advanced materials segment saw full-year 2015 operating earnings (excluding non-core items) climb by more than 39% year-on-year to USD 409m. Sales revenue was 2% higher at USD 2.4 bn as higher volumes were partially offset by foreign exchange and lower selling prices, mainly for copolyesters.

Looking ahead to 2016, Costa said: “We face increasing challenges including stagnant global economic growth, the collapse in the price of oil, and weakening currencies in Asia and Europe. In this environment, we are taking decisive actions to accelerate our innovation and market development activities and significantly increase our cost reduction efforts.”