GAF’s income dropped to $43.4 million from...

GAF’s income dropped to $43.4 million from $117 million in the third quarter. The Wayne, N.J., specialty chemicals and building materials concern had reported an extraordinary $92.5-million gain from a special dividend on its Union Carbide Corp. shares in the year-ago period. Operating income rose 29% to $31.6 million, and revenue rose 15.2% to $105.7 million. The company said earnings from chemical operations were up because of higher unit sales in all product lines and gains from international operations. Building segment earnings fell, reflecting lower selling prices and higher raw material costs.