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Carbide sees strong 1Q
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March 16, 1999: 7:34 a.m. ET
Chemical giant sees earnings at high end of estimates, favorable trend
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NEW YORK (CNNfn) - Union Carbide expects to report first-quarter earnings at the high end of analysts' estimates, the company's chairman said Tuesday.
William Joyce, chairman of the Danbury, Conn., chemical company, said gains from the specialties and intermediates business section and diminished losses from the basic chemicals and polymers unit will contribute to earnings close to 47 cents a diluted share, the highest of 16 estimates compiled by First Call.
The First Call consensus is earnings of 34 cents a share. The estimate and forecast don't include a previously announced 13 cents a share charge for an accounting change.
Joyce, in comments to chemical industry investors, said cost improvements and increased volume should allow the company to show "a favorable earnings trend" for 1999 and 2000 in advance of the rest of the chemical industry.
He also said that cost-cutting and technology investments could boost the company's earnings by the next industry peak in 2001 to more than double the $5.85 a diluted share in the last peak year of 1995.
Union Carbide shares closed unchanged Monday at 43.
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Union Carbide
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