Home / Knowledge / News / Textiles / Cytec Industries reports flat earnings in Q3
Cytec Industries reports flat earnings in Q3
17
Oct '08
Cytec Industries Inc announced today net earnings for the third quarter of 2008 of $46.3 million, or $0.96 per diluted share on net sales of $963.0 million.

Included in the quarter are special items that total $4.9 million of after-tax expense or $0.10 per diluted share and are outlined further in this release. Excluding these special items, net earnings were $51.2 million or $1.06 per diluted share.

Net earnings for the third quarter of 2007 were $52.4 million, or $1.06 per diluted share, on net sales of $875.1 million. Included in that quarter was an after-tax net restructuring charge of $2.2 million or $0.05 per diluted share and a tax benefit of $3.5 million or $0.07 per diluted share as described further in this release. Excluding these items, net earnings were $51.1 million or $1.04 per diluted share.

David Lilley, Chairman and Chief Executive Officer said, “Our third quarter results reflect the continued strong performance of our Engineered Materials segment, delivering higher selling volumes versus the same period a year ago.

In the Surface Specialties segment, we continued to experience weak demand in North America, and we began to see a further than expected slowdown in both North America and Europe toward the end of the quarter.

The Performance Chemicals segment's excellent results were led by strong growth in the Mining Chemicals product line. The Building Block Chemicals segment was adversely impacted by a major hurricane as well as declining demand for acrylonitrile.”

Cytec Performance Chemicals Sales increased 10% to $199 million; Operating Earnings increased to $28.2 million.
Mr. Lilley continued, “In Cytec Performance Chemicals, overall selling volumes were down by 2%, selling prices in the segment increased by 9% and the impact of exchange rate changes increased sales by 3%.

A strong increase in the mining chemicals product line selling volumes was offset by decreases in the other product lines where we saw weak demand principally in North America and Europe.

“Operating earnings of $28.2 million were up compared to $18.3 million in the third quarter of 2007. The increase is primarily attributable to higher selling prices more than offsetting higher raw material costs and an improved product mix.”

Cytec Industries


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

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Vikas Banduke

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

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Marten Alkhagen
Swerea IVF AB

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

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Johan Berlin
InvestKonsult Sweden AB

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

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Judy Frater
Somaiya Kala Vidya

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

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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