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Cytec Swings to Gain

4:02 PM MST | January 28, 2010 | Vincent Valk

Cytec reported fourth-quarter 2009 income of $9.8 million, or 20 cts/share, compared to a loss of $350.7 million in the year-ago period. Sales for the fourth-quarter of 2009 totaled $752 million, a 7.7% increase from the same period in 2008. Excluding special items, the company's fourth-quarter earnings totaled $34.4 million, or 70 cts/share. Restructuring initiatives helped move the company towards profitability, Cytec says. Four of the company's five divisions posted sales increases, with Coating Resins seeing the largest rise at 16%. Engineered Materials saw...

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