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Cytec Posts Loss, Sales Decline

3:01 PM MDT | July 16, 2009 | Vincent Valk

Cytec posted a second quarter loss of $24.8 million, or 52 cts/share, the company announced today. The figure includes $24.2 million in one-time charges. Excluding those charges, the loss totals $600,000, or 1 ct/share. The company posted earnings of $56.5 million, or $1.16/share, in the year-ago period. Second quarter sales totaled $685 million, down from $1 billion in year-ago period, but up slightly from $612 million in the first quarter. Sales and earnings declined across the company, with the coatings resins segment posting the largest sales drop, at 38%...

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