UPDATE 1-Cytec 1st-qtr profit beats Street; sees weak full year
April 19 (Reuters) - Specialty chemicals maker Cytec Industries Inc posted a better-than-expected profit, helped by strong demand in the aerospace sector, and forecast weak full-year results.
The company expects full-year adjusted earnings of $4.35 per share to $4.65 per share, on revenue of $3.19 billion to $3.27 billion.
Analysts, on average, were expecting full-year earnings of $4.57 per share, on revenue of $3.32 billion, according to Thomson Reuters I/B/E/S.
"The marketplace remains competitive, and coupled with weak underlying fundamentals in Europe, we are expecting overall selling volumes (for coating resin business) to be flat to down this year," Chief Executive Shane Fleming said.
The coating resin business contributes to more than half of the company's sales.
Last week, Cytec announced plans to buy UK-based Umeco Plc in a $439 million deal aimed at boosting sales of composite materials to aircraft makers.
First-quarter net profit rose to $53.1 million, or $1.14 cents per share, from $39.6 million, or 79 cents per share, a year ago.
Excluding items, the company earned $1.28 per share.
Revenue rose 3 percent to $783.3 million.
Analysts, on average, had expected the company to earn $1.14 per share, on revenue of $809.5 million.
Shares of the company closed at $63.19 on Thursday on the New York Stock Exchange.
- Islamic State video claims to show beheading of U.S. journalist |
- Gaza war rages on, Hamas says Israel tried to kill its military chief |
- Four beheaded corpses found in Egypt's Sinai: security sources
- Father of Texas 'affluenza' teen arrested for impersonating police officer
- U.S. attorney general visits racially charged St. Louis suburb