Cytec Industries 3Q profit falls on sales decline

Cytec Industries' 3rd-quarter profit falls 73 percent on continued decline in sales

• On 6:41 pm EDT, Thursday October 15, 2009

WOODLAND PARK, N.J. (AP) -- Specialty chemicals maker Cytec Industries Inc. said Thursday its third-quarter profit plunged on a downturn in sales, but the company boosted its outlook on signs that industries are restocking specialty chemicals.

The company earned $12.5 million, or 26 cents per share, down 73 percent from a profit of $46.3 million, or 96 cents per share, during the same period a year prior. Sales fell 23 percent to $740.2 million from $963 million.

Excluding special items, the company said it earned 57 cents per share. Analysts polled by Thomson Reuters, on average, expected profit of 34 cents per share on revenue of $710.7 million.

The company boosted its full-year adjusted profit outlook to between 80 cents and $1 per share, from prior guidance of 60 cents to 90 cents per share. Analysts are predicting a profit of 81 cents per share, excluding items.

Shares of Cytec rose $1.92, or 5.6 percent, to $36.48 in after-hours trading following the release of earnings, after falling 59 cents to close at $34.56 during the regular trading session.