05 August 2005 22:30 [Source: ICIS news]
HOUSTON (CNI)--Cytec Industries said on Friday that its net earnings fell to $11.9m (Euro9.6m) for the 2005 second quarter from $31.2m for the same period a year ago on various charges.
Cytec said the results included various pretax charges totalling more than $62m, several relating to the 28 February acquisition of a surface specialties business. It said excluding those special items, net earnings were $43.3m.
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Cytec chairman, president and chief executive David Lilley attributed the jump in sales to the acquisition of the surface specialties business.
Lilley said annual sales for 2005 should be $2.9-3bn, down from our the previous forecast of $3-3.1bn, but the estimate for full year earnings/share (eps) is unchanged at $3.30-3.45.
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