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REFILE-UPDATE 1-Cytec Industries trims full-year sales view
November 29, 2010 / 10:31 PM / 7 years ago

REFILE-UPDATE 1-Cytec Industries trims full-year sales view

(Refiles to correct date)

* Sees FY sales $3.21 bln-$3.32 bln vs est $3.29 bln

* Sees Q4 sales at coating resins segment about $300 mln-$325 mln

* Sees Q4 sales at engineered materials $181 mln-$191 mln.

Nov 29 (Reuters) - Specialty chemicals maker Cytec Industries Inc CYT.N tightened its full-year sales forecast and said overall visibility in demand for the coating markets remained poor.

The company expects weaker demand growth at its largest segment -- Coating resins -- in North America and Europe in early 2011.

For the full year, the company sees net sales of $3.21 billion-$3.32 billion.

Analysts expect the company’s full-year sales to come at $3.29 billion, according to Thomson Reuters I/B/E/S.

At its coating resins segment, which contributes to about 40 percent of total revenue, it sees full-year sales of $1.38 billion-$1.40 billion. It earlier forecast $1.35 billion-$1.45 billion at the segment.

For the fourth quarter, it expects sales of about $300 million-$325 million for the segment.

Shares of the West Paterson New Jersey-based company closed at $48.87 on Monday on the New York Stock Exchange. They have shed about 20 percent since the company posted weak third-quarter results in October. (Reporting by Vaishnavi Bala in Bangalore; Editing by Jarshad Kakkrakandy)

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