US Cytec reports 10% increase in Q4 net profit

31 January 2013 23:42  [Source: ICIS news]

HOUSTON (ICIS)--US-based Cytec posted a 10% year-on-year rise in Q4 net profit because of higher selling volumes and prices, the company said on Thursday.

Net profit for the fourth quarter ended 31 December was $45.8m (€33.9m), an increase from $41.6m in the same period a year earlier, while net sales increased to $470.7m from $369.5m.

Net profit for 2012 dipped 9.5% to $188.0m from $207.8m in 2011. Net sales for 2012 were $1.7bn, up 21% from $1.4bn in 2011. But additional costs in manufacturing, sales and technical services, administration, and research and process development ate into the 2012 net profit, causing the total number to drop from the year prior.

Net sales for Q4 2012 were $470.7m, up 27% from $369.5m in 2011.

"Our fourth quarter results reflect the continued solid performance of our Engineered Materials and In Process Separation segments, delivering higher selling volumes and prices versus the same period a year ago,” said Shane Fleming, chairman, president and CEO, in a company press release.

“In the Additive Technologies segment, demand remained weak for certain specialty additive products in North America and Europe, yet we were able to maintain good operating margins. Overall, our sales in continuing operations were up 27% over the prior year, mostly due to our Umeco acquisition."

($1 = €0.74)

By: Jeremy Pafford
+1 713 525 2653

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