Cytec Net Income Rises 2%, Raises Guidance

Cytec reported second-quarter net income of $35.7 million, or 76 cts/share up 2% from the year-ago period. Earnings from continuing operations, which exclude the coatings resins segment and the divested pressure-sensitive adhesives business, were $8.6 million, down 39% from the year-ago period. Adjusted earnings for Cytec as a whole, including coating resins, totaled $1.55/share easily beating analysts’ consensus of $1.20/share, as reported by Thomson Reuters (New York). Net sales from continuing operations totaled $404 million.   Engineered materials...

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