Eastman expects significant fall in Q4 earnings

04-Dec-08

Eastman Chemical Co. expects Q4 earnings to fall significantly below expectations- Q4 sales revenues expected to be down by more than 20%. The unprecedented declines in demand, extremely volatile raw material costs have led to sharp decline in demand amid an uncertain global economy. This has led to hard times for the industry. Volumes have dropped significantly across all segments and geographies, and capacity utilization at all of Eastman's plants are below 70%- the lowest level in over 7 years.