UNION CARBIDE
News Release
CONTACT: Ivana S. Tibbetts
(203) - 794-7027
UNION CARBIDE ANTICIPATES LOWER 3RD QUARTER EARNINGS
DANBURY, Conn., Oct. 12 -- Union Carbide Corporation (UCC) today
reported, based on preliminary results, that earnings for the third quarter
of 2000 will be about $0.20 per diluted share, compared to $0.36 per diluted
share (before inclusion of a $0.21 per share gain from a litigation
settlement) in the third quarter of 1999.
According to UCC Chairman and CEO William H. Joyce, margins and earnings
were adversely affected by high raw material and energy costs, which
continued to rise through August and September, combined with decreases from
second quarter levels in average selling prices for polyethylene and ethylene
glycol. Compared to last year's third quarter, improved earnings from
companies carried at equity were largely offset by declines in partnership
income. Dr. Joyce also noted that September sales volumes and revenues were
weaker than had been anticipated.
Union Carbide will release a detailed earnings report on Monday,
October 30th.
- END -
2000
P3-01-012
