Home / Knowledge / News / Textiles / Cytec Q1'14 aerospace materials sales hike 3%
Cytec Q1'14 aerospace materials sales hike 3%
23
Apr '14
Cytec Industries Inc. announced net earnings for the first quarter of 2014 of $55.9 million or $1.52 per diluted share on net sales of $489 million. Included in the quarter for continuing operations is a special item in the amount of $3.8 million of net income after-tax, or $0.10 per diluted share. Excluding this special item, earnings from continuing operations were $52.0 million or $1.42 per diluted share.    
 
Net earnings attributable to Cytec for the first quarter of 2013 were $35.6 million or $0.78 per diluted share. Net sales from continuing operations were $477 million.  Earnings from continuing operations for the first quarter of 2013 were $8.7 million or $0.19 per diluted share. Earnings from discontinued operations were $26.9 million or $0.59 per diluted share, net of non-controlling interests.
 
Included in the quarter for continuing operations were several special items that totaled $30.2 million of net charges after-tax or $0.66 per diluted share.  Excluding the special items, earnings from continuing operations were $38.9 million or $0.85 per diluted share.  
 
Cytec Aerospace Materials sales increased 3% to $243 million; Operating Earnings decreased to $37.9 million.
In Aerospace Materials, selling prices increased by over 2% and selling volumes increased 1% versus the prior year period.  Volume growth was related primarily to large commercial transport programs including Boeing 787 and 737, offset by demand declines in rotorcraft and missile programs.
 
Operating earnings of $37.9 million were down versus earnings of $45.0 million in the prior year quarter.  Higher selling prices and volumes were offset by unfavorable costs mainly from a fire at our carbon fiber operation that impacted our fixed cost absorption and our ability to supply internal demand for carbon fiber, resulting in a need to procure external carbon fiber at a higher cost. The fire was contained within the process equipment, there were no injuries and the plant has resumed normal operations. 
 
The full impact of the incident of approximately $3.3 million is all reflected in the first quarter results.  In addition, operating earnings for 2014 reflects a $3 million impact to earnings due to the sale of other higher cost inventory products from the fourth quarter of 2013 when production rates were lowered to reduce inventory levels. In addition, we reallocated stranded costs of $3.8 million from Corporate and Unallocated associated with the April 2013 sale of coating resins business.
 
Click here to view full results.
 

Cytec Industries

Must ReadView All

Textiles | On 25th May 2017

Huntsman and Clariant to have merger of equals

Huntsman Corporation and Clariant have announced that their boards of ...

Courtesy: CBRE

Apparel/Garments | On 25th May 2017

European cities preferred for retailer expansion: CBRE

European cities were the preferred new destination for international...

Apparel/Garments | On 25th May 2017

Guess records $458.6 million revenue for Q1 2018

For the first quarter of fiscal 2018, the net revenue of American...

Interviews View All

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Johan Berlin
InvestKonsult Sweden AB

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

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Sonam & Paras Modi
SVA

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

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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:
May 2017

May 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