NEW YORK (CNNfn) - Chemical maker Union Carbide Corp. reported a 38.2 percent slump in second-quarter profits, prompting a slide in its stock.
The Danbury, Conn.-based multinational said Monday net income dropped to $118 million, or 85 cents a share, from $191 million, or $1.28 a share, a year earlier. The results generally met analysts' consensus estimate of 84 cents, according to First Call.
Sales declined 12.4 percent to $1.46 billion from $1.67 billion a year ago.
Union Carbide Chairman and Chief Executive William H. Joyce attributed the lower results to economic woes in Asia, a strong dollar that curtailed exports, and weak pricing for key products.
The stock (UK) fell 1 to 50 in light trading early Monday on the New York Stock Exchange.
Union Carbide's largest segment, specialties and intermediates, recorded a 13.1 percent drop in operating profits to $166 million. The segment, which makes polyethylene, the world's most widely used plastic, accounted for 74 percent of sales and 82 percent of operating profits.
The basic chemicals and polymers segment, which makes products used in antifreeze and polyester, had a 58.4 percent drop in operating profits to $42 million.
For the first half, the company posted net income of $260 million, or $1.86 a share, on sales of $3.02 billion. That wad down from earnings of $348 million, or $2.31 a share, on sales of $3.3 billion a year earlier.