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Cytec reaffirms full year EPS outlook
18 Jul '08
5 min read
Cytec Engineered Materials Sales increased 16% to $193 million; Operating Earnings increased to $41.8 million.
“In Cytec Engineered Materials, selling volumes increased by 13% and selling prices increased by 3%. The volume increase was across all product lines and customer sectors principally lead by growth in rotorcraft and large commercial aircraft.”
“Operating earnings increased to $41.8 million versus $34.8 million in the second quarter 2007. Higher selling volumes and selling prices were the principle contributors to the earnings increase and more than offset higher raw material costs and our increased investments in Research and Development.”
Building Block Chemicals Sales increased 48% to $138 million; Operating Earnings increased to $6.5 million.
“In Building Block Chemicals, selling volumes were up by 2% and selling prices increased by 46%. The increase in selling prices was to recover the large cost increases of propylene, natural gas, and ammonia.”
“Operating earnings increased to $6.5 million compared to $4.6 million in the second quarter of 2007 primarily due to the higher selling prices.”
Special Items
David M. Drillock, Vice President and Chief Financial Officer commented, “We recorded a number of special items in the second quarter of 2008 that net to a pre-tax charge of $3.0 million ($2.0 million after-tax) as follows:
• Included in manufacturing cost of sales in Corporate and Unallocated is a net pre-tax charge of $1.6 million ($1.1 million after-tax) for additional restructuring costs primarily associated with manufacturing operations in West Virginia, Connecticut, and France. These expenses were anticipated but not accruable when the plans were announced.
• Also included in manufacturing cost of sales in the Cytec Surface Specialties segment is a pre-tax charge of $1.4 million ($0.9 million after-tax) for accelerated depreciation in relation to Radcure manufacturing at our leased facility in Pampa, TX.”
“In the second quarter of 2007 we recorded an after-tax restructuring charge of $1.8 million in Corporate and Unallocated. The costs were principally related to the shutdown of the manufacturing operations in France.”
Interest Expense
Mr. Drillock continued, “Interest expense was reduced 18% from the prior year quarter reflecting the lower debt levels versus the prior year quarter.”
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“In Cytec Engineered Materials, selling volumes increased by 13% and selling prices increased by 3%. The volume increase was across all product lines and customer sectors principally lead by growth in rotorcraft and large commercial aircraft.”
“Operating earnings increased to $41.8 million versus $34.8 million in the second quarter 2007. Higher selling volumes and selling prices were the principle contributors to the earnings increase and more than offset higher raw material costs and our increased investments in Research and Development.”
Building Block Chemicals Sales increased 48% to $138 million; Operating Earnings increased to $6.5 million.
“In Building Block Chemicals, selling volumes were up by 2% and selling prices increased by 46%. The increase in selling prices was to recover the large cost increases of propylene, natural gas, and ammonia.”
“Operating earnings increased to $6.5 million compared to $4.6 million in the second quarter of 2007 primarily due to the higher selling prices.”
Special Items
David M. Drillock, Vice President and Chief Financial Officer commented, “We recorded a number of special items in the second quarter of 2008 that net to a pre-tax charge of $3.0 million ($2.0 million after-tax) as follows:
• Included in manufacturing cost of sales in Corporate and Unallocated is a net pre-tax charge of $1.6 million ($1.1 million after-tax) for additional restructuring costs primarily associated with manufacturing operations in West Virginia, Connecticut, and France. These expenses were anticipated but not accruable when the plans were announced.
• Also included in manufacturing cost of sales in the Cytec Surface Specialties segment is a pre-tax charge of $1.4 million ($0.9 million after-tax) for accelerated depreciation in relation to Radcure manufacturing at our leased facility in Pampa, TX.”
“In the second quarter of 2007 we recorded an after-tax restructuring charge of $1.8 million in Corporate and Unallocated. The costs were principally related to the shutdown of the manufacturing operations in France.”
Interest Expense
Mr. Drillock continued, “Interest expense was reduced 18% from the prior year quarter reflecting the lower debt levels versus the prior year quarter.”
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Cytec Industries Inc
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