This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Cytec Industries Management Discusses Q2 2012 Results - Earnings Call Transcript

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.

Read the rest of this transcript for free on seekingalpha.com

Stock quotes in this article: CYT 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs