Cytec Industries Inc. (Woodland Park, NJ), a specialty chemical manufacturer, announced a $24.8 million net loss for the second quarter of 2009. The net loss for the past six months was $24.9 million. However, the company has reduced its outstanding debt by $95 million in Q2 and by $110 million in the year to date.
Results on a segment basis are as follows.
• Coating Resins: Sales decreased by 38% to $295 million with an operating loss of $19.2 million. Overall selling volumes were down by 30% versus Q2 2008; however, sales in Q2 2009 were approximately 20% higher than Q1 2009.
• Additive Technologies: Sales fell by 30% to $63 million with operating earnings decreasing by $3.1 million. Overall selling volumes were down 27% versus Q2 2008.
• In Process Separation: Sales declined by 23% to $58 million and operating earnings decreased to $2.1 million. Sales volumes were down 24% versus Q2 2008.
• Engineered Materials: Sales were down by 21% to $178 million and operating earnings fell to $22.1 million. Selling volumes decreased by 22%.
• Building Block Chemicals: Sales decreased by 34% to $91 million and operating earnings declined to $1.9 million.