Eastman Chemical -7.5% as profit rises but revenues grow less than expected

|About: Eastman Chemical Co. (EMN)|By:, SA News Editor

Eastman Chemical (EMN -7.5%) slumps to three-month lows after Q2 revenues of $2.46B rose less than 1% Y/Y and fell short of analyst consensus expectations.

Q2 results were hurt by an unplanned shutdown at its Kingsport, Tenn., operations and a decrease in sales volume resulting from a Q1 weather-related outage at the Longview, Tex., site; EMN's specialty fluids and intermediates segment impacted by both events reported lower sales and adjusted operating earnings.

Gross margin fell to 26.7% from 27.7%.