US Cytec Q2 earnings fall 16% on discontinued operations

18 July 2013 22:24  [Source: ICIS news]

HOUSTON (ICIS)--US-based specialty chemicals producer Cytec Industries reported on Thursday a Q2 net income of $34.6m (€26.3m), down by nearly 16% from $41.0m reported for the same time last year because of losses from discontinued operations.

In April, Cytec completed the sale of its coatings resins business to Advent International for $1.13bn. Altogether, Cytec reported a loss of $28m from discontinued operations.

Regarding earnings from continued operations, Cytec reported $62.6m, up sharply from $12.4m reported for the same time last year, as sales rose faster than cost of sales.

The company reported Q2 net sales of $513.8m, up by 27% from $404.4m from the same time last year.

By segment, earnings from aerospace materials were $54.6m, up from $40.3m from the same time last year. Earnings from in-process separation were $28.4m, up from $28.0m from the same time last year.

Additive technologies were $12.2m, down from $14.4m from the same time last year. Industrial materials were $5.0m, up from $2.0m from the same time last year.

Cytec makes composite materials and mining chemicals among other products.

($1 = €0.76)


By: Al Greenwood
+1 713 525 2645



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