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

Pic: Shutterstock

Textiles | On 24th Sep 2020

IDH-Apparel Impact Institute launch Tier 1 Vietnam project

The Netherlands-based IDH-the Sustainable Trade Initiative and the...

Pic: UC SANTA BARBARA

Textiles | On 24th Sep 2020

US scientists assess synthetic fibres pollution on land

Scientists in the US have said that the volume of synthetic...

Pic: Bushell Investment Group

Retail | On 24th Sep 2020

Bushell Investment Group acquires shoe retailer ALDO UK

The Bushell Investment Group (BIG) has acquired the UK arm of the...

Interviews View All

Software Firms, Head honchos

Software Firms
Head honchos

Blockchain technology will shorten lead times

Textile industry, Head honchos

Textile industry
Head honchos

It is a well-calibrated budget

Top executives, Textile industry

Top executives
Textile industry

The budget will give major impetus to textile and apparel consumption

Maya Simova,

Maya Simova

Inter Expo and Congress Center (IEC) is a prominent exhibition centre in...

Riddhi Jain,

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Alon Moshe,

Alon Moshe

Israel-based Twine Solutions is a technology start-up that has developed a ...

Sven Ghyselinck, Devan Chemical

Sven Ghyselinck
Devan Chemical

Headquartered in Belgium and with offices in the United Kingdom, Portugal...

Johan Berlin, Investkonsult Sweden AB

Johan Berlin
Investkonsult Sweden AB

Investkonsult Sweden AB are consultants in the nonwoven and absorbent...

Kai Poehler, Voith Paper GmbH & Co. KG

Kai Poehler
Voith Paper GmbH & Co. KG

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

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

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

Leave your Comments


September 2020

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


Advanced Search