posted better-than-expected second-quarter results and raised its full-year guidance, saying it has seen improvement in some of its markets.
The chemicals and materials technology company earned $21.4 million, or 52 cents a share, up from $20.9 million, or 50 cents a share, in the year-ago quarter. Analysts polled by Thomson Financial/First Call had been expecting 42 cents.
In a press release, Cytec said some but not all of its markets have finally begun showing signs of improvement. "The better than expected performance is the result of higher demand for coatings in our Performance Products segment and our continuing operational improvement efforts company-wide," the company said.
Sales in the quarter were $351 million, compared with $354.1 million in the year ago period. Sales in the performance products division were up 2%, while building block chemical sales increased 27%. However, specialty material sales and water and industrial process chemical sales decreased from last year.
Going forward, Cytec said it was raising its full-year forecast on the strong first-half results. The company sees 2002 earnings of $1.65 to $1.75 a share, up from previous guidance of $1.50 to $1.70. Analysts are looking for $1.65. For the third quarter, Cytyc expects 40 cents to 45 cents, compared to analyst estimates of 41 cents.
Shares of Cytec closed at $25.58 Thursday before the earnings release.