US Eastman to hit higher-end EPS target in Q3

09 October 2008 11:20  [Source: ICIS news]

SINGAPORE (ICIS news)--US producer Eastman Chemical Co expects to reach its higher-end target ranges for third-quarter 2008 earnings, citing declining raw material and energy costs, it said late on Wednesday.

In a statement, Eastman said that its earnings per share (EPS) excluding costs were expected to reach its higher-end target of $1.30 a share.

Declining raw material and energy costs coupled with cost reductions helped offset lower sales volume from weakening demand, allowing Eastman to strengthen its sales revenue, it said.

Eastman is a US-based chemicals fibres and plastics manufacturer, with sales reaching more than $6.8bn (€5bn) in 2007.

($1 = €0.73)

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By: Leon Toh
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