NEW YORK (CNNfn) - Union Carbide Corp. said Friday it expects third-quarter earnings to be below analysts' expectations of $1.34 a share.
The company blamed the lower profits on higher raw materials costs, weak pricing and a stronger dollar.
But earnings should be "somewhat above" the $1.08 per share reported in the same period in 1996, said Dave Kernis, a spokesman for the company. He declined to be more specific.
First Call forecast earnings of $1.34 a share for the quarter.
Union Carbide (UK), based in Danbury, Conn., researches, develops and produces chemicals and plastics.
Earnings in the company's chemicals and polymers unit were affected by higher raw materials costs and weak pricing, the company said.
A strong dollar and higher costs for energy and materials wiped out gains in two specialties and intermediate business lines, the company said. The units make solvents and coatings for paints and adhesives, among other products.
The company expects profits below the $191 million reported in the second quarter.