Eastman Chemical has adjusted its earnings expectations to account for losses caused by a recent accident.
The company released a statement saying that it expects to lose between $50 and $100 million in operating earnings in the fourth quarter of this year due to the Oct. 4 incident at its Kingsport manufacturing facility.
The accident occurred when a “process upset” in its coal gasification facility triggered an explosion and fire that sent a large plume of black smoke into the sky. There were no injuries.
Despite the setback, the company said it still expects to grow into the fourth quarter of this year and that the year-over-year earnings per share will increase by 10-12 percent.
