“While pleased with the year-on-year operating earnings improvement in Coating Resins, we are not satisfied with the current level of profitability in this segment. As a result of the commoditization of a significant portion of the Coating Resins portfolio and the slow recovery of several key markets for these products, additional changes are required to meet our earnings expectations. We will begin implementation of the necessary changes in the second quarter.”
In closing, Mr. Fleming commented, “We remain confident in our ability to execute and deliver our goals for this year. We will continue to be vigilant in monitoring raw material escalations and take the appropriate actions to optimize the performance of each of the businesses in this highly volatile environment. We remain steadfast in our commitment to enhance shareholder value and we are confident in the long-term trends for our core growth platforms.”
Investor Conference Call to be Held on Monday, April 25, 2011 at 11:00am ET
Cytec will host their first quarter earnings release conference call on April 25, 2011 at 11:00am ET.The conference call will also be simultaneously webcast for all investors from Cytec’s website. Select the Investor Relations page to access the live webcast. Use of Non-GAAP Measures Management believes that net earnings from continuing operations attributable to Cytec excluding special items and diluted earnings per share (continuing operations attributable to Cytec) excluding special items, which are non-GAAP measurements, are meaningful to investors because they provide a view of the Company with respect to ongoing operating results. Special items represent significant charges or credits that are important to an understanding of the Company’s overall operating results in the period presented. Such non-GAAP measurements are not recognized in accordance with generally accepted accounting principles (GAAP) and should not be viewed as an alternative to GAAP measures of performance. A reconciliation of GAAP to non-GAAP measurements can be found at the end of this release.