UPDATE 1-Cytec Q3 beats estimates, raises full-year outlook

* Sees FY EPS $0.80-$1.00

* Excl items, EPS $0.57 vs est $0.34

* Rev $740 mln vs est $710.7 mln

* Shares up nearly 6 pct in after-hours trade

Oct 15 (Reuters) - U.S. specialty chemical maker Cytec Industries Inc (CYT.N) reported third-quarter earnings that beat analysts' estimates, helped partly by cost cuts at its coating resins segment, and raised its forecast for the year.

Shares of the company rose nearly 6 percent to $36.52 in trading after the bell.

The company raised its full-year earnings forecast to 80 cents to $1 a share from its prior expectations of 60 cents to 90 cents a share.

Cytec CEO Shane Fleming, however, said the company will take a cautious approach for the rest of the year, if restocking activity across the specialty chemicals market was not replaced by growth in demand.

For the quarter, Cytec reported net income of $12.5 million, or 26 cents a share, compared with $46.3 million, or 96 cents a share, a year earlier.

Excluding special items, Cytec -- which caters to sectors ranging from aerospace to industrial coatings -- reported earnings of 57 cents a share.

The company, which had cut 60 jobs post the closure of its manufacturing plant in Spain late September, reported net sales of $740 million.

Analysts on average expected the New Jersey-based company to earn 34 cents per share, before items, on a revenue of $710.7 million, according to Thomson Reuters I/B/E/S.

For the full year, analysts expect the company to earn 81 cents per share.

For alerts on the story double click [ID:nWNAB9704] (Reporting by Krishna N. Das in Bangalore; Editing by Anil D'Silva)