One-Time Gain Boosts Net at Carbide in 2nd Quarter

Union Carbide on Thursday reported second-quarter net income of $388 million, reflecting a one-time gain of $333 million mainly from divesting its battery products business.

The company on July 24 reported a 46% decrease in net income from continuing and discontinued operations for the 1986 second quarter, not including the gain from business divestitures.

Net income in the second quarter of 1985 was $101 million.

On a per-share basis, Carbide posted restated earnings of $3.97 in the period ended June 30, compared to 48 cents. Sales were essentially flat at $1.7 billion.

For the first six months of 1986, restated net income totaled $701 million, including the $333-million gain, compared to $172 million in the first half of 1985. Net income per share for this year’s first half totaled $6.60, compared to 82 cents a year earlier. Sales were basically unchanged at $3.5 billion.

The company also said payments to rights holders as a result of the sale of the consumer businesses are forecast to be consistent with earlier estimates of $33.20 per rights holder.

For detailed data and results of other companies, please see tables, Page 10.