Fri, Jul 26, 11:59 AM (43 days ago)
Union Carbide Corporation's (UCC) Form 10-Q for the quarter ended June 30, 2024, highlights a slight decline in net sales to $2,192 million, down 2% from $2,240 million in the same period in 2023. The decrease in sales is primarily attributed to an 11% drop in average selling prices, despite a 9% increase in sales volumes. Cost of sales remained flat at $1,905 million, resulting in a net income of $230 million, up from $212 million in the prior year. Interest income saw a significant increase to $71 million due to interest earned on a term loan receivable. Capital expenditures rose to $168 million from $120 million, reflecting ongoing investments in production assets. The company declared and paid $186 million in dividends to its parent company, The Dow Chemical Company. UCC continues to face asbestos-related liabilities, with $824 million recorded for pending and future claims. The company remains in compliance with its debt covenants and has no significant changes in risk factors or legal proceedings.