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Eastman’s Earnings Sink, but Beat Estimates

4:55 PM MDT | April 23, 2009 | Nancy Seewald

Eastman Chemical reported first-quarter earnings from continuing operations of $2 million (3 cts/share), down 98% from the year-ago period. Excluding restructuring charges, earnings were 25 cts/share, well ahead of the consensus of analysts’ estimates for 14/share, as reported by Thomson Reuters (New York). Sales fell 35%, to $1.1 billion, due to a 19% drop in sales volumes and lower selling prices. Operating income fell in all units, except fibers, which posted a 7% increase, to $73 million, on higher selling prices and a favorable shift in product mix. In...

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