Home / Knowledge / News / Textiles / Current economy continues to impact demand, Cytec
Current economy continues to impact demand, Cytec
23
Jun '09
Cytec Industries Inc announced that due to continued deterioration in market demand, it is reducing its outlook for full year 2009 diluted earnings per share after adjusting for special items to a range of $0.60 to $0.90 per share, down from the prior guidance of $1.35 to $1.75 per share.

Shane Fleming, Chairman and Chief Executive Officer explained, “We are continuing to see lower demand in Engineered Materials, resulting from inventory destocking by parts manufacturers for large commercial aircraft as well as a sharper than expected slowdown in production rates related to business and regional jets. In response to these deteriorating market conditions, we are taking aggressive actions to realign our cost base.

While we are responding to the new market demand in the base business, we continue to selectively invest in future growth programs and to be prepared when new large commercial aircraft platforms and the Joint Strike Fighter come into large scale production. The secular trend of higher composite usage remains intact, and we are working with a number of customers on near and long term opportunities.

In Building Block Chemicals, we are experiencing weak demand in end markets for melamine products due to the general economic environment, and are expecting margin pressure in acrylonitrile due to cost increases in propylene.

We are on track with our cost reduction efforts which are expected to increasingly benefit our Coating Resins product lines in the second half of this year. Although weak demand continues to challenge the Coating Resins products in the current quarter, we are seeing sequential sales volume improvement. The remaining segments performance within Specialty Chemicals continues essentially as expected.”

David Drillock, Vice President and Chief Financial Officer, said “The continuing weak demand in Coating Resins plus the recent demand slowdown mentioned earlier in Engineered Materials lead us to expect a modest loss for the second quarter before special items, and to decrease our full year earnings per share outlook.

We are making significant progress in the areas within our control, such as the structural cost improvement programs and working capital. I am particularly pleased with our success in the working capital initiative, which has generated improved cash flow ahead of schedule and has accelerated our debt pay down.”

Cytec Industries Inc


Must ReadView All

Bangladesh demands better prices for garment items from US

Apparel/Garments | On 21st Sep 2018

Bangladesh demands better prices for garment items from US

Bangladesh sought better prices for its exports, especially garments, ...

Courtesy: EFI

Textiles | On 21st Sep 2018

Digital textile printing expected to grow at 20% CAGR

Digital textile printing is at this time about 3-4 per cent of all...

Courtesy:  Vishal Banik on Unsplash

Textiles | On 21st Sep 2018

Pakistan's textile exports up 3.72% in July-August 2018

The value of textile and garment exports from Pakistan increased 3.72 ...

Interviews View All

Karel Williams, Dow Microbial Control

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Luke Otten, Wigwam Mills Inc

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Binoy Ravjani, Hero's Fashion

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Suresh P Bagrecha,

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Mala Alwani,

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Yash Jain & Sanjeev Jain,

Yash Jain & Sanjeev Jain

Divyam Export, launched about 30 years ago, exports to 15 countries,...

Georg Reinhold, Trützschler  Nonwovens & Man-Made Fibers

Georg Reinhold
Trützschler Nonwovens & Man-Made Fibers

Trützschler Nonwovens & Man-Made Fibers, a part of the Trützschler Group,...

Kevin Nelson, TissueGen

Kevin Nelson
TissueGen

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

Mohammad Hassan, Biax Fiberfilm

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Akta Adani, India Boulevard

Akta Adani
India Boulevard

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

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 2018

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

news category


Related Categories:

Advanced Search