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Cytec’s Second Quarter EPS of $0.81 Exceeds Consensus Estimates

  • Tuesday, 25th July 2000
  • Reading time: less than a minute

Cytec Industries Inc. announced on Thursday that net earnings for the second quarter of 2000 were $41 million on sales of $381 million. Results for the quarter include an after tax gain of $5.9 million from an insurance settlement. This compares to net earnings of $28 million on sales of $359 million in the same quarter of 1999. “Specialty Materials sales volume declined 5% primarily due to lower Boeing commercial build rates, and their transition from carbon to glass fiber composites for certain interior applications. Exchange rate changes and divestments decreased sales 1% each. Operating earnings grew to $24 million, and our operating margin increased 200 basis points to 22%. This improvement eflects a favorable product mix, and the continuing benefits of productivity programs. This quarter’s results were enhanced by strong demand from our military and regional jet markets.” Cytec Industries is a specialty chemicals and materials technology company with 1999 sales of $1.4 billion and diluted earnings per share of $2.73. Its growth strategies are based on developing technologically advanced customer solutions for global markets, including: aerospace, plastics, industrial coatings, mining, paper and water treatment.

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