WOODLAND PARK, N.J. (AP) — Chemicals maker Cytec Industries Inc. said Tuesday it sees a positive outlook for the rest of the year due to improved worldwide demand, with expected revenue of $3.2 billion to $3.4 billion.
That is up from the company's previous projection of $2.7 billion to $3 billion in second-half revenue. Cytec now is estimating earnings of $3.20 to $3.50 a share, up from the previous $1.90 to $2.40 a share, in the last half of 2010. The projections assume that the economic recovery continues and that Cytec experiences its normal seasonal downturn in the second half.
The company also announced second-quarter earnings of $61.8 million, or $1.24 a share, compared with a net loss of $24.8 million, or 52 cents a share, in the April-June period last year. Net sales increased to $874 million from $685 million in the year-earlier quarter.
Cytec said the gains were partly driven by sales growth in all business divisions as the economic environment improved. The results included a special charge of $3.1 million, or 6 cents a share, of net expense after taxes. Excluding the item, earnings would have been $64.8 million, or $1.31 a share, the company said.
Cytec shares surged in after-hours trading, rising $5.22, or 12 percent, to $48.01 following the release of its earnings report. They had ended the regular session up 16 cents, or 0.4 percent, to $42.79.
