Home / Knowledge / News / Textiles / Cytec Industries reduces full year 2008 earnings guidance
Cytec Industries reduces full year 2008 earnings guidance
10
Oct '08
Cytec Industries Inc announced it is reducing its outlook for full year 2008 diluted earnings per share after adjusting for special items to a range of $3.75 to $3.85 per share, down from the prior guidance of $4.15 to $4.35 per share.

David Lilley, Chairman and Chief Executive Officer said, “Our third quarter results have met our previous expectations. The principal reasons for the reduced outlook are a continuing strike at a major customer, a further weakening global economy, particularly in Europe, and the impacts in our Building Block Chemicals segment from weakening acrylic fiber demand as well as the adverse effects from hurricane Gustav.

“In Cytec Surface Specialties, we continue to experience further deterioration in demand in North America, and towards the end of the third quarter we began to see a sharper slowdown in Europe than we had previously anticipated. Given this difficult environment, we are estimating the Surface Specialties full year operating earnings to be in a range of $75 million to $80 million versus our prior estimate of $90 million to $95 million.

“Cytec Performance Chemicals continues to meet our expectations. Our Mining Chemicals product line performed very well with the other product lines showing some weakness in various end markets due to the economic environment. Therefore we are maintaining our original guidance of growing full year operating earnings in Performance Chemicals by about 10% or a range of $77 million to $79 million.

“In Building Block Chemicals, we experienced a negative impact of approximately $3 million in earnings in the third quarter as a result of hurricane Gustav. In addition to this event, we have witnessed further demand destruction in the Asian acrylic fibers market, which has weakened demand for acrylonitrile in the second half of 2008.

As a result of these conditions, we are revising our full year operating earnings estimate for Building Block Chemicals to be in a range of $15 million to $17 million, down from our prior estimate of $20 million to $22 million.

“Cytec's Engineered Materials segment continued to perform well in the third quarter. However, we are expecting to see a slowdown in orders as a result of the International Machinists (IAM) strike at The Boeing Company. Mr. Lilley commented, “We are working very closely with our customers so that we can take actions to match supply with demand.

However, we remain positive about the mid- to long-term outlook for advanced composite materials in the aerospace market.” Based on an assumption that the strike will continue to year-end, we are reducing our full year estimate for operating earnings to be in a range of $138 million to $143 million down from our prior guidance of $153 million to $158 million.”

In closing, Mr. Shane Fleming, President and Chief Operating Officer commented, “In these difficult and uncertain times we are accelerating our reviews of company-wide operations to ensure our organization and asset base is right-sized with our latest view of the global economy.


Must ReadView All

Apparel/Garments | On 22nd Sep 2017

Govt announces new duty drawback rates for garments

The Government of India has today announced the new duty drawback...

Courtesy: ITMA

Textiles | On 22nd Sep 2017

ITMA 2019 to focus on smart garment technologies

ITMA 2019, the world's largest textile and garment technology...

Apparel/Garments | On 22nd Sep 2017

New US FTC rule for RN used on textile product labels

The US Federal Trade Commission recently streamlined requirements...

Interviews View All

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kevin Nelson
TissueGen

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

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Sonam & Paras Modi
SVA

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

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

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

September 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
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

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
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

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
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

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
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


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