KINGSPORT, Tenn. — Eastman Chemical Co. announced earnings per diluted share of $1.38 for third quarter 2009 vs. $1.33 for third quarter 2008. Earnings per diluted share for third quarter 2009 were reduced 16 cents per share by the reversal of a previously recognized investment tax credit for the company’s Beaumont, Texas, industrial gasification project as discussed below.

“We continued to make solid progress improving our profitability during what remains a challenging economic environment,” said Jim Rogers, president and CEO. “Cash generation also continues to be a priority, and we did a great job during the quarter generating well over $200 million in free cash flow.” Sales revenue in third quarter 2009 was $1.3 billion compared with $1.8 billion in third quarter 2008. Sales revenue for third quarter 2008 included contract ethylene sales resulting from the fourth-quarter 2006 divestiture of the polyethylene business. Also included in third-quarter 2008 sales revenue were contract polymer intermediates sales resulting from the fourth-quarter 2007 divestiture of PET polymers manufacturing facilities and related businesses in Mexico and Argentina.

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