NetComposites
Attwater

Cytec First Quarter Earnings

20 April 2001


Cytec Industries’ net earnings for the first quarter of 2001 were $17.2 million on sales of $376 million.

David Lilley, Chairman, President and Chief Executive Officer said, ""The slowing U.S. and Asian economies, related inventory reductions, and raw material and energy cost increases, primarily impacted the results of our Performance Products and Building Block Chemicals segments. This is consistent with our statements in January, assessing the operating environment, and the resulting expectation that we would earn $0.40 to $0.45 per diluted share this quarter.

""Our Specialty Materials segment achieved double-digit growth in sales and earnings. This is the result of solid demand from our commercial, military, and regional aircraft customers, as well as our #1 position in aerospace structural film adhesives and advanced composites technologies."" ""Specialty Materials sales were $116 million. Selling volumes were up 17%. Adverse exchange rate changes decreased sales by 1% while selling prices were flat. During the quarter, we continued to see growing demand from our large commercial, military, and regional aircraft customers. The sharp growth in earnings primarily reflects our operating leverage--the result of increasing sales without a commensurate increase in fixed costs. On March 30, 2001 we acquired the advanced composites business of 3M to strengthen our global position with complementary technologies and new aircraft qualifications. The acquired business had 2000 sales of $15 million.""

Cytec Industries is a specialty chemicals and materials technology company with sales in 2000 of $1.5 billion and diluted earnings per share of $2.85 (excluding special items). Its growth strategies are based on developing technologically advanced customer solutions for global markets, including: aerospace, plastics, industrial coatings, mining, and water treatment.






Related / You might like...

ZSK's Technology Showcase Demonstrates TFP Applications

ZSK will hold its bi-annual technology showcase on 21-22 September 2018 at its Krefeld, Germany, headquarters. The Embroidery Technology Show assembles more than 25 exhibitors from around the world to discuss emerging trends in the embroidery manufacturing industry and demonstrate the latest products produced using techniques such as tailored fibre placement (TFP) or smart textiles.

Solvay and Bell Sign Rotorcraft Supply Agreement

Solvay has signed a ten-year agreement for the supply of composites and adhesives to be used across Bell's military and commercial rotorcraft programmes, including the Bell 429, 407, 505, 525, V-22, and UH-1.

SGL Carbon Celebrates Opening of Fibre Placement Centre

SGL Carbon and Fraunhofer IGCV have officially opened the Fibre Placement Centre (FPC) at SGL's site in Meitingen, Germany. Compositence, BA Composites and the Chair for Carbon Composites at the Technical University of Munich have also joined the alliance, and Coriolis Group and Cevotec are planning to come on board as partners.