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Cytec announces Q1 2008 results

18
Apr '08
Cytec Industries Inc announced net earnings for the first quarter 2008 of $49.1 million or $1.01 per diluted share on net sales of $973 million.

Included in the quarter are several special items that total $3.4 million expense after-tax or $0.07 per diluted share and are outlined further in this release. Excluding these special items, net earnings were $52.5 million or $1.08 per diluted share.

Net earnings for the first quarter of 2007 were $51.7 million, or $1.05 per diluted share, on net sales of $864 million.

Included in that quarter were several special items that total $14.4 million income after-tax or $0.29 per diluted share and are outlined further in this release. Excluding these special items, net earnings were $37.3 million or $0.76 per diluted share.

Cytec Performance Chemicals Sales increased 2% to $183 million; Operating Earnings increased to $14.2 million.Mr. Lilley continued, “In Cytec Performance Chemicals, overall selling volumes were down 4% primarily due to the final phase of the divestiture of the water treatment product line.

In addition, sales were down in Polymer Additives which reflects our decision to exit certain commodity product lines. Mining and Phosphine Chemicals both increased their volumes. Selling prices increased by 2% and the impact of exchange rates increased sales by 4%.”

“Operating earnings of $14.2 million were up compared to the $13.0 million in the first quarter of 2007. The increase is due primarily to the improved earnings in the Polymer Additives product line resulting from our focus on selling higher-value products plus the benefits of our restructuring initiatives.”


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