Cytec Returns to Profit on Improved Demand

Cytec Industries reported first-quarter earnings of $24.8 million, compared with a net loss of $100,000 in the same period last year. The 2010 quarter included a pre-tax benefit of $400,000 related with various restructuring efforts, and a charge of $8.3 million related to U.S. healthcare reform. Sales rose 29%, to $787 million. “Selling volumes in our specialty chemical and building block segments increased from improved demand across all regions when compared with the high levels of de-stocking which took place in the prior year quarter,” says Cytec...

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