Home / Knowledge / News / Textiles / Cytec Q2 sales slide 15%, but lifts 2013 outlook
Cytec Q2 sales slide 15%, but lifts 2013 outlook
19
Jul '13
Cytec Industries Inc. announced net earnings attributable to Cytec for the second quarter of 2013 of $34.6 million or $0.83 per diluted share. Net sales from continuing operations were $514 million. Earnings from continuing operations were $62.6 million or $1.51 per diluted share.

Loss from discontinued operations was $28.0 million or $0.68 per diluted share. Included in the quarter for continuing operations are several special items that total less than $0.1 million of net charges after-tax, or $0.00 per diluted share. Excluding these special items, earnings from continuing operations were $62.6 million or $1.51 per diluted share.     

Net earnings attributable to Cytec for the second quarter of 2012 were $40.6 million or $0.86 per diluted share. Net sales from continuing operations were $404 million. Earnings from continuing operations were $12.4 million or $0.26 per diluted share. Earnings from discontinued operations were $28.6 million or $0.61 per diluted share.

Net earnings attributable to non-controlling interests (which are associated with the discontinued operations) were $0.4 million or $0.01 per diluted share. Included in the quarter for continuing operations were several special items that totaled $25.7 million of net expense after-tax or $0.55 per diluted share.  Excluding the special items, earnings from continuing operations were $38.1 million or $0.81 per diluted share.     

As a reminder, earnings for all periods have been adjusted to include the favorable impact of the change in pension and other post retirement benefit accounting.  The second quarter 2013 adjusted earnings per share from continuing operations includes $0.14 as a result of the retrospective application of the change in pension accounting, and the second quarter 2012 includes $0.08.

Shane Fleming, Chairman, President and Chief Executive Officer commented, "Our second quarter results reflect the solid performance of the Aerospace Materials and In Process Separation growth platforms.  Both segments delivered top line growth and significant earnings expansion, with aerospace organic growth driven by increased large commercial aircraft build rates, and mining driven by copper and base metal production.   

"The main area of weakness continues to be the Industrial Materials business, which is plagued by a challenging European economy that has resulted in softer demand across our core industrial markets. 

"Despite the current weak demand, I remain very positive about the longer term growth potential in the industrial materials market as we continue to see increased opportunities for the use of our composite materials, particularly in the automotive sector.  Overall demand for the products that we supply to the aerospace materials and specialty chemicals markets remains resilient despite the uncertainties in the global economy."

Click here to read full results.

Cytec Industries


Must ReadView All

Apparel/Garments | On 26th Jun 2017

GSTN registration reopens

E-commerce operators and TDS (tax deducted at source) deductors can...

Textiles | On 26th Jun 2017

Expedite release of ROSL pending claims: TEA to Centre

The Tiruppur Exporters' Association (TEA) has again urged Union...

Textiles | On 26th Jun 2017

'Export promotion schemes to continue under GST regime'

The export promotion schemes will continue under GST regime, said...

Interviews View All

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search