=Eastman Chemical (EMN) reported earnings on Thur 24 Oct 19 (a/h)

 Eastman Chemical misses by $0.04, misses on revs; lowers FY19 guidance

Reports Q3 (Sep) earnings of $1.94 per share, excluding non-recurring items, $0.04 worse than the S&P Capital IQ Consensus of $1.98; revenues fell 8.7% year/year to $2.33 bln vs the $2.36 bln S&P Capital IQ Consensus.

Co lowers guidance for FY19 to EPS of $7.00-7.20, prior $7.50-8.00 vs. $7.60 S&P Capital IQ Consensus. "We have increased new business revenue from innovation, particularly in the Advanced Materials segment, as well as continued to aggressively manage costs. However, we have seen business conditions worsen due to global trade uncertainty and other macro factors. As a result, we are now expecting lower sales volume and lower capacity utilization in the fourth quarter. Taking all of this together, assuming the current economic conditions continue, we expect 2019 adjusted EPS to be between $7.00 and $7.20 and free cash flow to approach $1.1 billion."