Correction: April 16 Cytec Industries Story

Year-ago results included net charges of $3.4 million, or 7 cents per share, impact. Excluding these items, net earnings for first quarter 2008 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's 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.

Cytec announced various restructuring efforts in January, including cutting 600 positions, which they say will reduce its costs in the second and third quarters. The company said Thursday that it will take other steps to maintain its liquidity in light of the recession. Those steps include further reductions that will result in an over 12 percent reduction of its global work force when totaled with the cuts announced in January.

The company also said it is working with a lender to amend a revolving credit line and is reviewing its capital spending plans.