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Union Carbide beats target
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July 31, 2000: 7:37 a.m. ET
Edges past 2Q estimate in one of last quarters before purchase by Dow
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NEW YORK (CNNfn) - Union Carbide Corp. edged past earnings forecasts Monday for its second quarter, in what could be one of its last reports as an independent company.
Union Carbide, which expects its purchase by Dow Chemical to be completed during this quarter, reported earnings from operations of $119 million, or 86 cents a share, for the quarter. That edges past the forecast of analysts surveyed by First Call of 85 cents a share, and more than doubles the $54 million, or about 40 cents a share, it earned in the year earlier period.
 The company had a gain from the conversion of Metropolitan Life Insurance Company from a policy-owned company to a shareholder-owned company during the quarter, and it saw a gain from a litigation settlement in the year-earlier period.
Including those gains net income came to $130 million, or 94 cents a share, in the most recent period, up from $63 million, or 46 cents, a year earlier.
Revenue at the company rose to $1.7 billion from $1.4 billion a year earlier.
For the first six months of the year net income came to $227 million, or $1.65 a share, up from $120 million, or $1.02 a share, a year earlier. Year-to-date revenue rose to $3.3 billion from $2.8 billion a year earlier.
Shares of Union Carbide (UK: Research, Estimates) gained 25/32 to 44-3/16 in trading Friday. 
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