Cytec Industries Inc. Reported Net Earnings of $53.1 Million on Net Sales of $783.3 Million for the First Quarter 2012

april 23 2012

Cytec Industries Inc. reported net earnings of $53.1 million or $1.14 per diluted share on net sales of $783.3 million for the first quarter 2012. Included in the quarter are several special items that total $6.7 million of net expense after-tax or $0.14 per diluted share. Excluding these special items, net earnings attributable to Cytec were $59.8 million or $1.28 per diluted share.

Earnings from continuing operations for the first quarter 2011 were $39.6 million or $0.79 per diluted share. Earnings from discontinued operations were $43.6 million or $0.87 per diluted share including the gain on the sale of Building Block Chemicals of $36.8 million after-tax or $0.73 per diluted share. Included in the 2011 quarter were several special items from continuing operations that total $0.5 million of net credit after-tax or $0.01 per diluted share. Excluding the special items, earnings from continuing operations were $39.1 million or $0.78 per diluted share. Cytec Engineered Materials sales increased 17% to $219 million; operating earnings increased to $45 million.

Shane Fleming, Chairman, President and Chief Executive Officer commented, “I am extremely pleased with our strong start to 2012. Engineered Materials delivered excellent results due to strong volume growth across each of our aerospace end markets, higher selling prices, and higher operating rates which translated into increased operating margins. The In Process Separation segment also performed well driven by higher selling prices and strong demand for our specialty mining and phosphine products. Coating Resins also performed better than expected versus the prior year period, which is mostly attributable to higher selling prices that mitigated the impact of lower selling volumes. Overall, our two growth segments contributed significantly to the improved results as we enjoy strong demand in our markets and continue to execute our growth strategy.”

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