"Benchmarks" states that every student should leave school with a good grasp of how science works; possess knowledge of major science, mathematics, and technology concepts and principles; and have the capacity to think scientifically. It details precisely the skills and concepts all students should know and be able to do at the four grade levels—from motion and the forces of nature to social conflict and how political and economic systems develop. All told, science literacy is defined in terms of some 65 sets of concepts and skills in 12 groups that are congruent with those set out in "Science for All Americans." "Benchmarks for Science Literacy" will be available shortly from Oxford University Press, 200 Madison Ave., New York, N.Y. 10016, or by calling (800) 451-7556. The estimated price is $21.95. James Krieger
Chemical earnings rise again in third quarter Early reports of third-quarter earnings from major U.S. chemical producers indicate that the earnings turnaround begun in the second quarter is continuing. Earnings from July through September for a group of 19 companies—each with annual sales of more than $1 billion—increased an aggregate 8% over the same period in 1992 to $1.31 billion. The earnings are from continuing operations, excluding significant nonrecurring and extraordinary items. While earnings were rising, sales for the group fell 3% to about $26 billion. This increased the group's total profit margin to 5.0% from 4.5% in the same period last year. Despite the earnings rise, it's an open question how much of the improvement is due to economic recovery, and how much to efforts by companies to make operations more efficient by streamlining businesses, divesting less profitable operations, and cutting back jobs. After all, many companies showed exceptionally good earnings gains in the third quarter while sales were falling. This indicates that problems with demand and pricing still remain in the chemical economy. And U.S. industry is still being hurt by weak European and Japanese economies. A striking example of earnings improvement on falling sales is B. F. Good-
Third-quarter earnings up for many chemical producers THIRD-QUARTER 1993 Sales
Earnings3
($ millions)
Air Products Allied-Signal Arco Chemical Dow Chemical Du Pont Ethyl B. F. Goodrich Great Lakes Chemical Hercules Imcera Lubrizol Monsanto Morton International Nalco Chemical Olin Praxair Rohm & Haas Union Carbide Witco
Change from 1992 Sales
2% -4 -1 -7 -5
Earnings
Profit marginb 1993
1992
7.0% 6.0 7.0 4.7 3.8
7.7% 4.6 9.4 4.7 3.9
$ 855.5 2822.0 782.0 2988.0 9231.0
$ 59.6 168.0 55.0 139.0 355.0
486.9 500.8 469.7 676.0 444.9
29.8 17.2 68.5 51.5 35.3
6 -23 28 -5 7
34 537 14 27 28
6.1 3.4 14.6 7.6 7.9
4.8 0.4 16.4 5.7 6.6
390.8 1849.0 619.6 354.0 606.8
27.1 95.0 42.9 38.7 5.0
8 -2 15 1 5
42 107 23 11 -15
6.9 5.1 6.9 10.9 0.8
5.2 2.4 6.5 10.0 1.0
608.0 799.0 889.0 540.6
36.0 29.0 38.0 22.9
-7 -1 -9 27
9 ^3 73 21
5.9 3.6 4.3 4.2
5.1 6.3 2.3 4.4
-8% 24 -26 -9 -6
a Earnings from continuing operations, excluding significant nonrecurring and extraordinary items, b Earn ngs as a percentage of sales.
rich, whose earnings increased more than sixfold to $17.2 million, while sales fell 23% to $501 million. However, Goodrich's sales decline came from spinning off its lackluster Geon vinyl operations into a separate company. Monsanto is another example. Its earnings more than doubled from the year-earlier period to $95 million, but sales fell 2% to about $1.85 billion. Chairman and chief executive officer Richard J. Mahoney says: 'We've set ambitious financial goals and we're taking tough disciplined actions to achieve these objectives. We're doing so by continuing to cut costs, grow our franchise products, and aggressively manage our businesses despite weak European and Japanese economies and despite increasing challenges in the pharmaceutical industry." Some companies did turn in overall good results for the quarter. For instance, Morton International's earnings rose 23% to $42.9 million on a 15% sales gain to $620 million. Although a good part of these increases came in other businesses, Morton's specialty chemical operations performed well—with sales up 4% to $334 million, and operating profits up 17% to $51.8 million. However, several companies showed declines in both sales and earnings. For
example, earnings for Du Pont, the largest U.S. chemical producer, fell 6% to $355 million, as sales dropped 5% to $9.23 billion. But chairman and chief executive officer Edgar S. Woolard Jr. is optimistic: "We have made extraordinary and difficult changes, including job reductions, a reorganization of our businesses, divestitures, and major fixed cost and spending reductions. We expect to have all our businesses healthy and competitive in 1994." William Storck
High aims for National Chemistry Week set With the approach of National Chemistry Week (NCW), Nov. 7 to 13, various units of the American Chemical Society are preparing to remind the U.S. public about the positive aspects and importance of chemistry in everyday life. Activities next week will include numerous chemistry exhibits and demonstrations at shopping malls, museums, libraries, and other sites—planned and carried out principally by ACS's 186 local sections. But staff members at ACS headquarters in Washington, D.C., also NOVEMBER 1, 1993 C&EN
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