Cytec Provides Second Quarter Earnings Update
Woodland Park, New Jersey, July 13, 2012 - Cytec Industries Inc. (NYSE:CYT) announced today that it estimates its adjusted earnings per diluted share for the second quarter of 2012 to be between $1.50 and $1.55 per share. The main drivers for the quarter's excellent results are strong performance in the In Process Separation and Coating Resins business segments. Engineered Materials and Additive Technologies performed well and are on track with prior guidance. Excluded from adjusted earnings per share amounts are restructuring and other charges related to the Coating Resins sale process and the acquisition of Umeco.
Cytec will issue its second quarter 2012 earnings release on July 19, 2012 with the Coating Resins segment reported as discontinued operations. The company will also provide updated full year 2012 guidance.
Use of Non-GAAP Measures
Management believes that earnings per share before special items, which is a non-GAAP measurement, is meaningful to investors because it provides a view of the Company with respect to ongoing operating results. Special items represent significant charges or credits that are important to an understanding of the Company's overall operating results in the period presented. Such non-GAAP measurements are not recognized in accordance with generally accepted accounting principles (GAAP) and should not be viewed as an alternative to GAAP measures of performance.
Forward-Looking and Cautionary Statements
Except for the historical information and discussions contained herein, statements contained in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Achieving the results described in these statements involves a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed in Cytec's filings with the Securities and Exchange Commission.
Corporate ProfileCytec's vision is to deliver specialty chemical and material technologies beyond our customers' imagination. Our focus on innovation, advanced technology and application expertise enables us to develop, manufacture and sell products that change the way our customers do business. Our pioneering products perform specific and important functions for our customers, enabling them to offer innovative solutions to the industries that they serve. Our products serve a diverse range of end markets including aerospace composites, structural adhesives, automotive and industrial coatings, electronics, inks, mining and plastics.
Contact: Jodi Allen Investor Relations (973) 357-3283
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