Acquisition cuts Cytec's Q2 net but sales nearly double

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.

 

The West Patterson, New Jersey based specialty chemicals and materials company said net sales for the quarter nearly doubled to $813.4m, versus $422m for the same period in 2004. Earnings from operations were $60.89m for the 2005 second quarter, compared with $48.9m a year earlier.

 

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.

By: Patrick Crow
+1 713 525 2653

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