Eastman Chemical Reaffirms
The company dodges major storm damage.
Eastman Chemical
(EMN)
reaffirmed third-quarter profit targets, saying its plants emerged mostly unscathed from the two recent Gulf Coast hurricanes.
The Kingsport, Tenn., company said it expects to make between $1.17 and $1.30 a share for the quarter, as rising raw-material costs linked to the storms should compress margins.
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But Eastman also said its Longview, Texas, factory suffered no significant structural damage from Hurricane Rita, and that no other Eastman North American plants were affected by Katrina and Rita.
On Tuesday, shares in the polymers giant rose 32 cents to $46.54.
