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Cytec Industries reports flat earnings in Q3

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

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