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Cytec Sees Improvement Over Q2

Wednesday, October 21, 2009

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Cytec Industries, Inc., a global specialty chemicals and materials company headquartered in Woodland Park, NJ, announced third quarter net earnings of $12.5 million, including special items. Net earnings in Q3 or 2008 were $46.3 million.

In the coating resins segment, overall selling volumes were down by 16% versus Q3 2008, but volumes improved 12% over the second quarter of 2009. Sales decreased by 23% to $336 million for the quarter compared to 2008. The company estimates a full year operating loss in the range of $10-15 million, down from a prior operating loss of $32-40 million.

The additive technologies segment saw sales decrease by 20% to $65 million, and overall selling volumes were down 18% versus the third quarter of 2008. The company estimates full year operating earnings of $8-10 million, slightly changed from the prior range of $8-12 million.

Selling volumes in the building block chemicals segment increased 22% versus the third quarter or 2008, and operating earnings were $4.8 million compared to an operating loss of $1.3 million in Q3 2008. However, sales decreased by 29% to $99 million. Full year operating earnings are estimated at $12 million, up from a prior estimate of $5 million.

Engineered materials saw a decrease of 24% in sales to $169 million compared to the third quarter of 2008, and the company expects a continued weak demand in the business/regional jet and high performance industrial markets. Full year operating earnings are estimated to be at $85-90 million, down from the prior range of $100-105 million.

Sales for the in process separation segment fell 14% to $71 million, but selling volumes increased 16% compared to the second quarter of 2009. The estimate for full year operating earnings is $30-35 million, down from $32-40 million.

Shane Fleming, chairman, president, and CEO, commented, “Our results this past quarter demonstrate the excellent progress we have made with our restructuring efforts and our working capital initiative.”

   

Tagged categories: Cytec Industries Inc.; Earnings reports; Finance; Resins; Specialty functions

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