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UNION CARBIDE REPORTS FIRST QUARTER RESULTS

 DANBURY, Conn., April 28 /PRNewswire/ -- Union Carbide Corporation (NYSE: UK) today reported net income available to common stockholders of $40 million, or $0.28 per common share primary, for the first quarter of 1993.
 In the comparable period last year, Union Carbide reported net income from continuing operations available to common stockholders of $37 million, or $0.27 per common share primary. The company realized additional income during the 1992 quarter of $33 million from discontinued operations (representing earnings of Praxair, Inc., prior to its spin-off on June 30, 1992) and had an after-tax charge of $361 million, reflecting the cumulative prior years' effect of the FAS 106 and 109 accounting changes. Net income for the 1992 period was a loss of $291 million, or $2.28 per common share primary.
 Union Carbide Chairman Robert D. Kennedy said that while variable margins were down for many products, earnings were helped by improving volumes and continuing cost containment. He added that Union Carbide anticipated continued pressure on margins and general economic weakness, especially in overseas markets.
 Sales increased slightly in the first quarter of 1993 to $1.193 billion, from $1.187 billion in the first quarter of 1992.
 Union Carbide Corporation is a worldwide, basic chemicals company with advanced process technologies and large-scale chemical production facilities. In 1992, Union Carbide had sales of nearly $5 billion.
 UNION CARBIDE CORPORATION AND SUBSIDIARIES
 CONSOLIDATED STATEMENT OF INCOME
 (Millions of dollars, except per share figures)
 Quarter Ended March 31 1993 1992(A)
 NET SALES $ 1,193 $ 1,187
 Deductions (additions)
 Cost of sales, exclusive of
 depreciation and amortization
 shown separately below 880 875
 Research and development 37 39
 Selling, administrative and other
 expenses(B) 91 93
 Depreciation and amortization 76 76
 Interest on long-term and short-term
 debt 25 51
 Other expense (income) 24 (16)
 INCOME BEFORE PROVISION FOR INCOME
 TAXES - CONTINUING OPERATIONS 60 69
 Provision for income taxes 20 25
 INCOME OF CONSOLIDATED COMPANIES -
 CONTINUING OPERATIONS 40 44
 Plus: UCC share of net income (loss)
 from corporate investments
 carried at equity 2 (2)
 INCOME FROM CONTINUING OPERATIONS 42 42
 Income from discontinued operations,
 net of income taxes and minority
 interest -- 33
 Net income before cumulative effect of
 change in accounting principles 42 75
 Cumulative effect of change in
 accounting principles -- (361)
 NET INCOME (LOSS) 42 (286)
 Preferred stock dividend, net of
 income taxes 2 5
 NET INCOME (LOSS) - COMMON
 STOCKHOLDERS $ 40 $ (291)
 Earnings per common share
 Primary(C)
 - Income from continuing
 operations $ 0.28 $ 0.27
 - Cumulative effect of change in
 accounting principle $ -- $ (2.81)
 - Income from discontinued
 operations $ -- $ 0.26
 - Net income (loss) - common
 stockholders $ 0.28 $ (2.28)
 Fully diluted(D) $ 0.26 $ --
 (A) Restated to reflect the adoption of Statement of Financial Accounting Standards (FAS) 106 and FAS 109.
 (B) Selling, administrative and other expenses include:
 Selling $ 34 $ 35
 Administrative 32 38
 Other expenses 25 20
 $ 91 $ 93
 (C) Based on 140,289,820 shares (128,631,034 shares in 1992).
 (D) Based on 175,545,146 shares (Fully diluted loss per share in 1992 was antidilutive).
 -0- 4/28/93
 /CONTACT: Tomm F. Sprick of Union Carbide, 203-794-6992/
 (UK)


CO: Union Carbide Corporation ST: Connecticut IN: CHM SU: ERN

PS -- NY008 -- 1667 04/28/93 07:18 EDT
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Date:Apr 28, 1993
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