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Cytec announces Q1 2008 results
18 Apr '08
3 min read
Cytec Surface Specialties Sales increased 11% to $449 million; Operating Earnings increased to $20.1 million.“In Cytec Surface Specialties, overall selling volumes were flat with continued weak demand in North America and some softening in Europe.
However, we continue to achieve good volume growth in Asia and Latin America. Selling prices increased by 1% and the impact of exchange rate changes increased sales by 10%.”
“Operating earnings of $20.1 million were up compared to the $15.7 million in the first quarter of 2007 and this is principally due to the combined impact of higher selling prices and lower raw materials partially offset by the accelerated depreciation ($1.4M pre-tax) at the Pampa, TX manufacturing site that we expect to exit later in the year, and other inflation related cost increases.”
Cytec Engineered Materials Sales increased 23% to $200 million; Operating Earnings increased to $44.5 million.“In Cytec Engineered Materials, selling volumes increased by 20% and selling prices increased 3%. The selling volume increase was primarily in the large commercial transport, regional and business jet sectors.”
“Operating earnings of $44.5 million were up compared to the $32.6 million in the first quarter of 2007. The favorable impact of the higher selling volumes and selling prices was partially offset by increased raw material costs and higher manufacturing costs as a result of the increased production volumes. The business also had planned increases in research and technical service expenses related to technology investments.”
Building Block Chemicals Sales increased 21% to $141 million; Operating Earnings increased to $5.9 million. “In Building Block Chemicals, selling volumes decreased by 10% and selling prices increased by 31%. The decrease in selling volumes came primarily from acrylonitrile, as the 2007 period included shipments delayed from 2006.”
“Operating earnings increased to $5.9 million compared to $2.6 million in the first quarter of 2007. The increase was mostly due to the higher selling prices which more than offset higher raw material costs.”
However, we continue to achieve good volume growth in Asia and Latin America. Selling prices increased by 1% and the impact of exchange rate changes increased sales by 10%.”
“Operating earnings of $20.1 million were up compared to the $15.7 million in the first quarter of 2007 and this is principally due to the combined impact of higher selling prices and lower raw materials partially offset by the accelerated depreciation ($1.4M pre-tax) at the Pampa, TX manufacturing site that we expect to exit later in the year, and other inflation related cost increases.”
Cytec Engineered Materials Sales increased 23% to $200 million; Operating Earnings increased to $44.5 million.“In Cytec Engineered Materials, selling volumes increased by 20% and selling prices increased 3%. The selling volume increase was primarily in the large commercial transport, regional and business jet sectors.”
“Operating earnings of $44.5 million were up compared to the $32.6 million in the first quarter of 2007. The favorable impact of the higher selling volumes and selling prices was partially offset by increased raw material costs and higher manufacturing costs as a result of the increased production volumes. The business also had planned increases in research and technical service expenses related to technology investments.”
Building Block Chemicals Sales increased 21% to $141 million; Operating Earnings increased to $5.9 million. “In Building Block Chemicals, selling volumes decreased by 10% and selling prices increased by 31%. The decrease in selling volumes came primarily from acrylonitrile, as the 2007 period included shipments delayed from 2006.”
“Operating earnings increased to $5.9 million compared to $2.6 million in the first quarter of 2007. The increase was mostly due to the higher selling prices which more than offset higher raw material costs.”
Cytec Industries Inc
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