Cytec Industries Swings To Loss In First Quarter

WOODLAWN PARK, N.J. (AP) — Cytec Industries Inc. on Thursday reported it moved to a loss in the first quarter and announced major cost-cutting steps in light of weakened demand.

The chemical company reported a net loss of $100,000 and flat earnings per share for the quarter, compared with a net profit of $49.1 million, or $1.01 per share, for the same quarter of the prior year.

The most recent quarter included charges for restructuring, gains tied to assets and other one-time items that amounted to a $3.4 million, or 7 cents per share, impact. Excluding these items, net earnings were $52.5 million, or $1.08 per share.

Analysts surveyed by Thomson Reuters anticipated the company would earn 29 cents per share for the quarter on revenue of $771.4 million. Analyst estimates typically exclude one-time items.

The company said total sales were $612 million for the quarter, down from $973 million in sales in the prior year's quarter.

Cytec president and chief executive Shane Fleming said it saw a sharp decline in sales across all its chemical product lines because of the downturn in the auto, construction and general industrial markets.