Cytec Industries Q2 Results Miss Estimates

(RTTNews) - Cytec Industries Inc. (CYT) reported net earnings for the second quarter of $54.7 million or $0.75 per share, compared to $73.6 million or $1.00 per share for the year-ago quarter.

Earnings from continuing operations for the second quarter were $56.2 million or $0.77 per share, compared to $62.5 million or $0.85 per share in the prior year quarter.

Excluding special items, net earnings from continuing operations for the second quarter were $59.6 million or $0.81 per share, compared to $62.7 million or $0.85 per share in the second quarter of last year.

Net sales for the second quarter fell to $508.2 million from $527.1 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.85 per share on revenue of $551.73 million for the second quarter. Analysts' estimates typically exclude special items.

The company reaffirmed its full year 2015 guidance for adjusted earnings of $3.15 to $3.35 per share. Analysts currently expect the company to earn $3.28 per share for the full year 2015.