> Danbury, Conn. (Reuters) - Union Carbide Corp., which is being acquired
> by Dow Chemical
> Co., said Monday its third-quarter profits fell 62 percent, hurt by
> rising costs of energy and raw materials, although the company exceeded Wall
> Street's recently lowered earnings forecasts for the quarter.
> Union Carbide said net income fell to $29 million, or 22 cents a diluted
> share for the quarter, from $77 million, or 58 cents a share, a year earlier.
> The year ago period included a 21-cent-a-share gain from alitigation
> settlement.
> The company warned earlier this month that its earnings would be about 20
> cents a share, while Wall Street analysts had been forecasting 57 cents a
> share for the company. Since then, analysts on average have lowered their
> estimates to 20 cents a share, according to First Call, which tracks
> earnings estimates on Wall Street.
> Sales rose to $1.64 billion for quarter, up 9.2 percent from $1.50 billion a
> year ago.
> Union Carbide, along with other chemical companies, has been hard hit by
> rising prices for crude oil and natural gas, key raw materials in the
> chemicals industry. Shares of Union Carbide (UK: Research, Estimates) rose
> $1.25 to $36.75 Friday.
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