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Cytec earnings beat estimates on solid aerospace results

11:56 AM MDT | July 23, 2013 | Vincent Valk

Cytec today reported second-quarter net earnings down 14.8% year-on-year (YOY), to $34.6 million, or 83 cts/share, on sales up 27.2%, to $514 million. Solid aerospace results drove the increases, as Boeing ramped up construction of its new 787 aircraft. Excluding a $28 million loss from discontinued operations, which includes the former Cytec coating resins business and Umeco’s former distribution product line, earnings from continuing operations totaled $62.6 million, or $1.51/share. Earnings from continuing operations easily beat analysts’ consensus...

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