Cytec beats estimates, raises guidance

Cytec’s third-quarter adjusted earnings from continuing operations rose 68% year-on-year, to $42.8 million, or 91 cts/share. Adjusted earnings easily beat analysts’ consensus of 67 cts/share, as reported by Thomson Reuters (New York). Adjusted earnings from continuing operations exclude Cytec’s divested coating resins business, and special charges mostly related to M&A activities. Cytec’s total net income for the third-quarter totaled $53.3 million, up 11% from the year-ago period. Basic net income from continuing operations totaled...

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