7 January 1999: US-based chemical maker Solutia Inc. said it expects to meet or exceed analysts“ 1999 earnings expectations of US$ 2.16 a share, and is confident it will meet the 1998 estimate of US$…
7 January 1999: US-based chemical maker Solutia Inc. said it expects to meet or exceed analysts“ 1999 earnings expectations of US$ 2.16 a share, and is confident it will meet the 1998 estimate of US$ 2.00 a share. In a statement, Solutia said it was surprised by a recent drop in its stock, which hit a 52-week low recently. “We know of no reason for such volatility unless it is related to the recent announcement by Eastman Chemicals and a few others regarding their weakened earnings forecast,” Robert Potter, chairman and chief executive, said in the statement. Eastman Chemical Co. said Tuesday its fourth-quarter income would fall well short of Wall Street expectations. Eastman said it would earn US$ 0.10 to US$ 0.15 a share in the quarter, compared with the US$ 0.82 a share analysts had been expecting. Solutia also said it remains committed to a 10% coumpounded earnings per share growth target.