Earnings Reports for July 31

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Union Carbide Profits More than Double

Union Carbide, which is being acquired by Dow Chemical, said today its second-quarter profits more than doubled, surpassing Wall Streetestimates, despite rising costs for raw materials and energy.

The company said net income jumped to $130 million, or 94cents per diluted share, from $63 million, or 46 cents, in thesecond quarter of 1999, including one-time gains in bothquarters.

The 2000 second quarter profits included a gain of $11million, or 8 cents per diluted share, from the demutualizationof Metropolitan Life Insurance, which provides some of thecompany’s employee benefit programs. The 1999 profits includeda gain of $9 million, or 6 cents per diluted share, from alicensing-related litigation settlement.

Revenues rose to $1.67 billion from $1.42 billion in theyear-earlier period.

Profits came in above analysts’ consensus forecast of 85cents a share, according to First Call/Thomson Financial.

Union Carbide said that while it was hurt by rising pricesfor crude oil and natural gas, key raw materials in thechemicals industry, it benefited from continued strongperformance at its equity companies and improved performance atits basic chemicals and polymers segment. BACK TO TOP