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Cytec Industries' CEO Discusses Q2 2011 Results - Earnings Call Transcript

Stocks in this article: CYT

Our team did a great job executing required pricing actions and were able to secure $54 million in price in the segment, more than offsetting the roughly $47 million in raw material cost escalations.

The chart on Slide 5 displays monthly sales revenue for this business. This shows the strong sales performance in the first 2 months of the quarter with increased revenue from price increases more than offsetting reduced demand and the drop-off in June sales as customers reduced inventories.

Coating Resins' operating earnings for the quarter were $28.2 million, a slight improvement over the very strong prior year quarter. I'm particularly pleased with our disciplined pricing actions in the first half of this year as we accumulatively achieved $98 million in price increases in this segment over the past 6-month period.

Moving to Additive Technologies. Slide 6 shows sales in the segment of $73 million, an increase of over 10% versus the second quarter 2010. Once again, increased selling price was the primary driver of growth, achieving 8% versus the prior year period with an additional 5% benefit from exchange rates.

Selling volumes are down by 3% although this is primarily due to capacity limitations constraining product availability in Polymer Additives rather than reduced demand. That said, we did see a slower pace in the North American market but our results were due much more to volume shortages and the economic slowdown. Also in Specialty Additives, we continued to experience a sold-out situation with some products. The order book in our additives product line remains strong, and we are actively working on capacity expansions to meet increasing market demand.

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