Eastman’s Third Quarter Earnings Down, Partly To Blame On Power Outage

Eastman Chemical Company is reporting a drop in its third quarter earnings, blamed partly on a costly power outage in July. The Kingsport based company reported two dollars and five cents in adjusted earnings per share, that’s down 16 percent over the same quarter a year ago. Eastman updated its earnings expectations in September predicting lower earnings instead of solid growth that was originally forecast. CEO Mark Costa says Eastman’s team did an excellent job managing through a challenging environment.