Cytec Announces Fourth Quarter 2010 Results
Cytec Industries Inc. (NYSE: CYT) announced today net earnings for the fourth quarter 2010 of $48.0 million or $0.95 per diluted share on net sales of $700 million. Included in the quarter are several special items that total $6.1 million of net income after-tax or $0.12 per diluted share and are outlined further in this release. Excluding these special items, net earnings were $41.9 million or $0.83 per diluted share.
Net earnings for the fourth quarter of 2009 were $9.8 million or $0.20 per diluted share on net sales of $648 million. Included in the quarter were several special items that totaled $24.6 million of net expense after-tax or $0.50 per share and are outlined further in this release. Excluding these special items, net earnings were $34.4 million or $0.70 per diluted share.
Shane Fleming, Chairman, President and Chief Executive Officer commented, “Earnings per share, excluding special items, increased almost 20% versus the same period in 2009. Our segment results were varied with Engineered Materials having a strong quarter as selling volumes were significantly higher across the commercial aerospace sector. Coating Resins selling volumes were flat with the prior period but raw material costs were up sharply and despite implementing significant price increases we were unable to fully recover the higher costs.”
Cytec Coating Resins sales increased 6% to $348 million; operating earnings decreased to $3.9 million.In Coating Resins, overall selling volumes were flat as we experienced seasonal destocking in our industrial coatings markets in the fourth quarter 2010, particularly in Europe, versus restocking in the fourth quarter 2009. Selling prices increased by 9% and the impact of exchange rates decreased sales by 3%. Operating earnings of $3.9 million were down versus operating earnings of $17.6 million in the fourth quarter of 2009. This was principally due to raw material cost increases of approximately $40.6 million not fully covered by selling price increases as well as reduced manufacturing production levels.
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