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Eastman Chemical Cuts Q3 Earnings Outlook

Eastman Chemical Company (EMN) said it expects third-quarter adjusted earnings per share to be approximately $2.00. Previous guidance was for solid growth compared to
prior year adjusted EPS of $2.46.

Mark Costa, CEO, said: "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. Also, 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."

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