31 January 2012 22:47 [Source: ICIS news]
HOUSTON (ICIS)--Cytec’s fourth-quarter net earnings fell 13% from the same quarter in 2010 with the divestment of its building block chemicals segment, the US specialty chemicals producer said on Tuesday.
Cytec reported $41.6m (€31.6m) in net earnings for the quarter ending 31 December, down from $48.0m for the fourth quarter of 2010.
The 2010 fourth-quarter net earnings included $7.3m in earnings from discontinued operations from Cytec’s building blocks chemical segment, which it divested in the first quarter of 2011.
Earnings from operations rose to $65.4m from $45.1m in the same quarter of 2010.
Sales for the 2011 fourth quarter totalled $731m, compared with 699.6m in the prior fourth quarter.
Sales by Cytec’s engineered materials and in–process separations businesses increased by 16% and 10%, respectively.
However, sales from it’s coating resins business fell by 3% on an 11% drop in volumes.
Cytec is looking at divesting its coating resins business. It said it has retained JP Morgan to analyse its options.
“The decision to explore separation options for the entire business is consistent with our strategy of focusing on our remaining profitable and growing segments," said CEO Shane Fleming.
Looking forward, Fleming said he expects to see continued sales growth in Cytec’s engineered materials and in–process separation segments.
($1 = €0.76)
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