Eastman Chemical Co.’s third-quarter operating results took a $15 million hit related to an August electric outage that temporarily shut down its plant just outside Longview and left about 85,000 Northeast Texans without power.
Mark J. Costa, chairman and CEO of the Kingsport, Tennessee, company, brought up the incident early in his remarks to analysts during an October conference call discussing the company’s financial performance.
“We had solid results in the third quarter, despite a challenging macroeconomic environment which has deteriorated in the second half of this year. EPS (Earnings per share) for the third quarter was similar to the second quarter, especially considering the local electrical outage that caused a shutdown at our Longview site,” he said.
Read more from CBS19's newspaper partner, the Longview News-Journal.
