Home / Knowledge / News / Textiles / Cytec reaffirms full year EPS outlook
Cytec reaffirms full year EPS outlook
18
Jul '08
Cytec Industries Inc announced net earnings for the second quarter 2008 of $56.5 million or $1.16 per diluted share on net sales of $1,006 million. Included in the quarter are special items that total $2.0 million of net after-tax expense or $0.04 per diluted share and are outlined further in this release. Excluding these special items, net earnings were $58.5 million or $1.20 per diluted share.

Net earnings for the second quarter of 2007 were $54.8 million, or $1.11 per diluted share, on net sales of $864 million. Included in that quarter was an after-tax net restructuring charge of $1.8 million or $0.04 per diluted share and is described further in this release. Excluding this item, net earnings were $56.6 million or $1.15 per diluted share.

David Lilley, Chairman and Chief Executive Officer said, “Our second quarter results reflect the strong performance of our Engineered Materials segment, with significantly higher selling volumes versus the same period a year ago. In the Specialty Chemicals segments, we continue to grow volumes, except in North America where we are still experiencing lower demand.

In addition, we are incurring significantly higher raw material, energy and freight costs which are impacting our earnings. We remain committed to raising prices in a selective way to offset the rising costs and allow a reasonable return on our investment. The Building Block Chemicals segment was also a strong contributor in the quarter, as they have successfully passed along the higher selling prices, more than offsetting the higher raw material costs.”

Cytec Performance Chemicals Sales increased 9% to $202 million; Operating Earnings decreased to $20.5 million.
Mr. Lilley continued, “In Cytec Performance Chemicals, overall selling volumes were up by 2% primarily due to increases in mining chemicals as our new technologies continue to gain acceptance in the market. Selling prices in the segment increased by 2% and the impact of exchange rate changes increased sales by 5%.”

“Operating earnings of $20.5 million were down compared to the $23.7 million in the second quarter of 2007. The decrease is primarily attributable to the higher raw material and freight costs resulting from the escalation of crude oil prices.”

Cytec Surface Specialties Sales increased 13% to $473 million; Operating Earnings decreased to $22.2 million.
“In Cytec Surface Specialties, overall selling volumes were up by 1% due primarily to volume growth in the Asia Pacific region as we continued to experience weaker demand in North America and modest growth in Europe. Selling prices were flat and the impact of exchange rate changes increased sales by 12%.”

“Operating earnings of $22.2 million include a charge of $1.4 million of accelerated depreciation related to the exit of our Pampa, Texas site. This was lower than the $32.8 million in same period last year and primarily attributable to higher raw materialand freight costs versus the second quarter 2007.”


Must ReadView All

Chinese firm sets up textile-garment chain in Vietnam

Apparel/Garments | On 13th Dec 2017

Chinese firm sets up textile-garment chain in Vietnam

Worldon Vietnam Co. Ltd under the Chinese Shenzhou Group is likely to ...

Courtesy: SATO Global Solutions

Information Technology | On 13th Dec 2017

Sensor networks improve inventory management

Sensor networks like radio frequency identification (RFID) and smart...

CMAI hails review of FTP as 'progressive package'

Apparel/Garments | On 13th Dec 2017

CMAI hails review of FTP as 'progressive package'

The Clothing Manufacturers' Association of India (CMAI) has hailed...

Interviews View All

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Eric Scholler
Groz-Beckert

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

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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

December 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


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