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Charges Dampen Earnings at Some Diversified Firms

12:12 PM MST | November 7, 2007 | Nancy Seewald and Kerri Walsh

Third-quarter earnings fell at most basic and diversified chemical companies reporting last week. Restructuring and other charges dragged down earnings at Eastman Chemical and Tronox, while Olin’s pending sale of its $2.1-billion metals business dragged down its income from continuing operations. Burnes: “Cautious” on supermetals. Eastman’s net income fell 79%, to $20 million (24 cts/share), including charges, on sales down 8%, to $1.8 billion. Results reflected $80 million in impairment and restructuring charges, primarily related to...

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