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Union Carbide beats Street
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April 27, 1998: 7:05 p.m. ET
Chemical firm sees earnings decline, but outstrips Wall Street estimates
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NEW YORK (CNNfn) - Union Carbide Corp. on Monday reported first-quarter profits of $1.01 per share on a diluted basis, which were below last-year's figures but easily beat Wall Street estimates.
Though Union Carbide's earnings were down slightly from the $1.03 it reported in the same quarter a year ago, it beat First Call estimates of 97 cents a share.
The Danbury, Conn.-based chemical giant turned a profit of $142 million on revenues of $1.56 billion for the quarter, compared with earnings of $157 million on sales of $1.64 billion a year ago.
Union Carbide cited the Asian financial crisis, U.S. rail problems and lower prices as the factors behind its earnings falloff.
The company also said profits in specialty and intermediary chemicals were strong but chemicals and polymers were off slightly.
Shares of Union Carbide (UK) fell 1-5/16 to 48 at Monday's close. 
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Union Carbide
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