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Eastman Chemical Sees Q1 EPS Above Prior Year

Eastman Chemical Co. (EMN) expects first-quarter 2020 earnings per share to be above the prior year period, higher than previous expectations.

The company said it is also taking additional actions to further support free cash flow in 2020, including reducing capital expenditures to between $325 million and $375 million from the previous expectation of between $450 million and $475 million.

In addition, the company expects working capital to be a source of more than $250 million of cash flow beyond previous expectations for full-year 2020, assuming raw material prices remain similar to current levels and that COVID-19 negatively impacts demand.

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