WOODLAND PARK, NJ -- Cytec Industries Inc. announced net earnings for the second quarter 2011 of $35.1 million or $0.70 per diluted share on net sales of $798 million. This compares to net earnings for the second quarter of 2010 of $61.8 million, or $1.24 per diluted share, on net sales of $702 million. Earnings from continuing operations attributable to Cytec were $36.2 million or $0.72 per diluted share. Excluding special items and loss from discontinued operations, earnings from continuing operations attributable to Cytec were $45.9 million or $0.92 per diluted share, compared to $53.6 million, or $1.08 per diluted share, for the second quarter of 2010.
Shane Fleming, Chairman, President and Chief Executive Officer commented, "We overcame the challenge of continued raw material cost escalation and macroeconomic uncertainty and delivered good sequential sales and earnings growth across our portfolio. We remained disciplined in our pricing actions in our Specialty Chemicals businesses and were able to more than offset the impact of sharply increased raw material costs. In addition, we made good progress implementing planned price increases in our Engineered Materials segment. Our sales growth for the quarter included 10 percent from higher selling prices and 5 percent from exchange rate changes versus the second quarter last year. This was partially offset by slightly lower selling volumes of 1 percent. In the Coating Resins and Additive Technologies segments, industrial markets softened in the latter part of the quarter, while we continue to see good volume growth in our Engineered Materials and In Process Separation segments."
Cytec Announces Second-Quarter 2011 Results
July 26, 2011