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TheStreet Open House

Cytec Announces First Quarter 2011 Results

Stock quotes in this article: CYT

Cytec Coating Resins sales increased 18% to $404 million; Operating Earnings increased to $18.8 million.

In Coating Resins, overall selling volumes were up by 5% versus the first quarter 2010, due to strong demand driven by powder and waterborne resins. Selling prices increased by 12% in response to higher raw material costs while the impact of changes in exchange rates increased sales by 1%.

Operating earnings were $18.8 million versus $16.8 million in the first quarter 2010. The improved operating earnings are principally due to the higher selling prices which more than offset increased raw material costs of approximately $36 million as well as the favorable impact from the overall increase in demand. Partially offsetting this was an unfavorable product mix driven by higher powder resins selling volumes.

Cytec Additive Technologies sales increased 8% to $67 million; Operating Earnings decreased slightly to $8.0 million.

In Additive Technologies, overall selling volumes were up 3% versus the first quarter 2010 driven by specialty additives. Selling prices increased 4% and the impact of changes in exchange rates increased sales by 1%.

Operating earnings of $8.0 million were slightly down versus $8.4 million in the first quarter of 2010 mainly as a result of higher manufacturing costs for maintenance work. Increased selling prices essentially offset increased raw material costs of approximately $3 million.

Cytec In Process Separation sales increased 20% to $78 million; Operating Earnings increased to $16.4 million.

In Process Separation selling volumes increased by 16% versus the first quarter 2010, primarily as a result of higher demand and new product commercializations in mining chemicals. Selling prices increased by 3% and the impact of changes in exchange rates increased sales by 1%.

Operating earnings were $16.4 million versus $14.9 million in the prior year quarter principally due to higher selling volumes offset by an increase in selling and research expenses to support the growth initiatives in this segment. Higher raw material costs of $2.5 million were mostly offset by higher selling prices.

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