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Cytec Industries Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: CYT

Operating earnings in the quarter were $38.7 million, up 38% versus $28.1 million achieved in the prior-year period. During the quarter earnings were unfavorably impacted by several onetime events. We have scheduled maintenance costs associated with the planned turnaround of our Carbon Fiber facility amounting to $3.5 million. We incurred $1 million of expenses related to settlement of a union contract at a U.S. manufacturing site and we incurred $800,000 in bad debt expense related to a customer in Spain. Aside from these events, the business is operating according to plan and we anticipate solid performance to continue.

Moving on to Slide 5. The In Process Separation segment delivered record sales of $100 million, a 22% increase versus the second quarter 2011. This was driven by 16% higher selling volumes and a 7% increase in selling price. The selling volume increase was attributable to several factors, including strong demand for our Metal Extracting products, including plant sales at 2 new corporations in Africa, one in the DOC and the other in Zambia, accounting for over $6 million in sales. We also saw a strong demand for our mineral processing products in Latin America, Eastern Europe and the Middle East, including the first order for a new copper plant in Kazakhstan.

And finally, phosphine chemicals contributed record sales with strong phosphine gas volumes into the electronics and fumigation markets, as well as strong derivative sales into several applications.

The combined strength across the product lines resulted in earnings in the segment of $27.1 million versus $15.6 million in the prior-year period, driven by the higher sales of value-added technologies and the positive selling price impact.

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