Cytec Industries Inc. (NYSE:CYT) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 4.55%.
Cytec Industries Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 106.85% to $1.51 in the quarter versus EPS of $0.73 in the year-earlier quarter.
Revenue: Rose 27.23% to $514 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Cytec Industries Inc. reported adjusted EPS income of $1.51 per share. By that measure, the company beat the mean analyst estimate of $1.18. It beat the average revenue estimate of $499.65 million.
Quoting Management: Shane Fleming, Chairman, President and Chief Executive Officer commented, “Our second quarter results reflect the solid performance of the Aerospace Materials and In Process Separation growth platforms. Both segments delivered top line growth and significant earnings expansion, with aerospace organic growth driven by increased large commercial aircraft build rates, and mining driven by copper and base metal production. The main area of weakness continues to be the Industrial Materials business, which is plagued by a challenging European economy that has resulted in softer demand across our core industrial markets. Despite the current weak demand, I remain very positive about the longer term growth potential in the industrial materials market as we continue to see increased opportunities for the use of our composite materials, particularly in the automotive sector. Overall demand for the products that we supply to the aerospace materials and specialty chemicals markets remains resilient despite the uncertainties in the global economy.”
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