Markets :: Specialty Chemicals :: Paints and Coatings
Cytec earnings fall short of estimates; guidance cut due to economic risk
3:30 PM MDT | April 18, 2013 | Vincent Valk
Cytec has announced first-quarter earnings down 36.9% YOY, to $33.5 million, or 73 cts/share, on sales up 26.3%, to $477.4 million. Excluding special items, however, earnings rose 12.1%, to $34.2 million, or 75 cts/share. Earnings fell short of analysts’ consensus of 86 cts/share, as reported by Thomson Reuters (New York). Cytec is also cutting its full-year 2013 earnings guidance by about 4.1%, to $4.50-$4.75/share, due to “a number of risks in the global economy,” says CEO Shane Fleming. These risks will mostly impact the...
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