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Eastman Falls Far Short of Estimates; Swings to Loss on Special Charges

10:08 AM MST | January 30, 2009 | Nancy Seewald

Eastman Chemical reported a loss of $2 million (3 cts/share) in the fourth quarter, compared to earnings from continuing operations of $98 million  ($1.25/share) in the year-ago period. Sales fell 22%, to $1.34 billion. Excluding asset impairment and restructuring charges, one-time earnings gains, and accelerated depreciation costs, income was 5 cts/share, well below analysts’ consensus of 36 cts/share, as reported by Thomson Reuters (New York). Operating earnings were $5 million, compared to $144 million in the same period last year. Eastman’s...

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