19 April 2012 22:40 [Source: ICIS news]
HOUSTON (ICIS)--US Cytec Industries' first-quarter net income fell 36% as a result of the sale of its building block chemicals unit in the first quarter of 2011, the company reported on Thursday.
Cytec’s net income fell to $53.1m (€40.4m) from $83.2m in the first quarter of 2011. The first quarter of 2011 included proceeds of $36.8m from the sale of the company’s building block chemicals unit.
Net sales for the company increased 2.3% to $783.3m in the first quarter from $766.0m in the same quarter of 2011, while cost of sales decreased to $572.7m from $585.6m in the same period last year.
Sales for the company’s coating resins segment fell by 6% to $405m, while earning rose to $28.8m from $20.0m in the first quarter of 2011.
The company said it is still in the process of evaluating options for the potential separation of the coatings resins business.
“The company is making good progress on its evaluation of strategic options, and is on schedule to announce a decision regarding the separation of the Coating Resins business during the second quarter of 2012 with an anticipated completion by year end,” Cytec said.
Meanwhile, Cytec’s engineered materials segment saw sales increase 17% year on year to $219m in the first quarter, while earnings increased to $45m, compared with $25.1m in the first quarter of 2011.
Cytec stock rose 0.16% to $63.19/share on Thursday.
($1 = €0.76)
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