13 July 2012 18:43 [Source: ICIS news]
HOUSTON (ICIS)--Cytec expects to report improved earnings for the 2012 second quarter because of a strong performance in its process separation and coating resins businesses, the US-based specialty chemicals and materials firm said in an update on Friday.
Meanwhile, Cytec’s engineered materials and additive technologies segments also performed well, the company said.
Cytec said second-quarter adjusted earnings per share should come in at $1.50-1.55, reflecting improvements from the same quarter a year ago and the 2012 first quarter when adjusted earnings per share were $0.92 and $1.28, respectively.
Excluded from the 2012 adjusted earnings per share are restructuring and other charges related to Cytec’s planned sale of its coating resins business and its acquisition of UK-based composite materials firm Umeco, it said.
Cytec’s share price was up 6.9% to $62.88 around mid-day.
The company will report 2012 second-quarter earnings on 19 July.
($1 = €0.82)
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