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- The stock price of Eastman Chemical (EMN) fell by over 10% intraday today. This is why.
The stock price of Eastman Chemical (EMN) fell by over 10% today.
Why: Eastman Chemical provided an update on its third-quarter 2022 financial results
Results: The third quarter 2022 adjusted earnings per share (EPS) are now expected to be approximately $2.00. The previous expectations were for solid growth compared to third-quarter 2021 adjusted EPS of $2.46.
Consensus: The consensus expected a Q3 EPS of $2.60
KEY QUOTE:
“There are three main factors negatively impacting our volume and product mix in the third quarter. While demand across some end markets, including agriculture and personal care, is demonstrating resilience, demand has slowed more than expected in August and September, in particular in the consumer durables and building and construction end markets and the European and Asian regions. At the same time, logistics have been challenged by an acceleration of marine logistics issues on the U.S. East Coast, particularly impacting high-value specialty products in Advanced Materials bound for other regions. Operational issues have also impacted volume and product mix, as recovery of our polymer lines from an electricity outage in July at our Kingsport facility took longer than expected.”
— Mark Costa, Board Chair and CEO
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