Cytec Industries ( CYT) said second-quarter earnings quadrupled from the year-earlier period. The West Paterson, N.J.-based company earned $48.4 million, or $ a share, in the quarter, compared with $11.9 million, or 25 cents a share, a year ago. Adjusted for items, the company earned $48.7 million, or $1.00 a share, in the quarter, compared with $43.3 million, or 92 cents a share, a year ago. Analysts surveyed by Thomson First Call were expecting earnings of 94 cents a share in the most recent quarter. Second-quarter revenue rose 5% to $853.1 million as against analyts' estimation of $869 million. For the year 2006, the company revised its earnings guidance to $3.41 a share to $3.66 a share from its earlier forecast of $3.45 a share to $3.70 a share. The company expects the revenue to be between $3.22 billion to $3.33 billion. Analysts estimate earnings of $3.56 a share on revenue of $3.32 billion. Revenue from the performance chemicals segment rose 1% to $229.6 million and revenue from surface specialties segment rose 5.3% to $390.8 million. Revenue from engineered materials rose 7.5% to $151.6 million, led by 5% increase in selling volumes and 3% increase in selling prices. Revenue from building block chemicals rose 9.7% to $81.1 million. The company said the sale of water treatment chemicals and acrylamide product lines to Kemira Group will be done in two phases. The first phase is expected to close by the end of September 2006 and the second phase in early 2007. Between the closing of phase one and phase two, Cytec will contract manufacture and sell water treatment chemicals and acrylamide at the Botlek site solely to Kemira. Cytec sold its water treatment chemicals and acrylamide product lines with estimated 2006 sales of about $300 million to Kemira Group, for about $240 million in cash. The company expects the above transaction to be about 4 cents dilutive to earnings a share in 2006. Separately, the company declared a regular quarterly dividend of 10 cents a share. The company will pay the dividend on Aug. 25, to shareholders of record as of Aug. 11.