** charts before earnings **
Eastman Chemical misses by $0.05, misses on revs :
- Reports Q2 (Jun) earnings of $1.68 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus of $1.73; revenues fell 9.3% year/year to $2.3 bln vs the $2.36 bln Capital IQ Consensus.
Outlook:
- "During the first half of the year, we delivered strong growth of high value, innovative specialty products and we expect that to continue. We are also benefitting from the actions we have taken to accelerate our innovation and market development activities and to significantly increase our cost reduction efforts. However, the challenges we face have intensified including increasing competitive pressures particularly from the Asia Pacific region and compressing olefin spreads. As a result, we expect a decline in adjusted 2016 earnings per share that approaches 10% below adjusted 2015 earnings per share compared with our previous expectation of a decline of ~5%."
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