Downturn hits chemicals.(chemical industry financial reporting information)(Brief Article)(Statistical Data Included)(Industry Overview)

DuPont, Dow, Eastman and Rhodia have all issued warnings that second quarter earnings will fall short of expectations, adding to the litany of chemical companies hurt by the spreading economic downturn.

DuPont estimates share earnings will be down 50-60% on last year, at $0.35-$0.45 a share. In response to weak markets, DuPont has already unveiled plans to cut 4000 jobs globally and has slashed capital spending 20% to $1.6bn.

Meanwhile, US giant Dow Chemical has stated that it no longer expects to meet its previously stated estimate of $0.35-$0.45 per share for the second quarter. It does, however, expect its earnings to be within the …