Cytec Industries Inc (CYT), a specialty materials and chemicals company, on Thursday reported first-quarter net earnings of $42.5 million or $0.58 per share compared with $55.9 million or $0.76 per share last year.
Results for the quarter included, among other items, a net pre-tax charge of $15.8 million related to mark to market adjustments for pension and other postemployment benefits.
Excluding items, adjusted earnings for the quarter were $0.82 per share compared with $0.71 per share a year ago.
Revenues for the quarter were $515 million compared with $489 million in the prior year.
Analysts polled by Thomson Reuters estimated earnings of $0.73 per share on revenues of $513.6 million for the quarter. Analysts' estimates typically exclude special items.
Aerospace Materials benefited from volume growth in commercial transport and military sectors, the In Process Separation segment gained from demand for specialty mining products, and operating margins strong improved, said CEO Shane Fleming.
For the full year 2015, the company now expects earnings of $3.15 and $3.35 per share on sales of $1.04 billion to $1.08 billion. Earlier it estimated earnings of $3.10 to $3.30 on sales of $1.03 billion to $1.09 billion.
Analysts expect earnings of $3.20 per share on sales of $2.12 billion for 2015.
Cytec shares were gaining $1.97 or 3.60% at $56.75 in after-hours trade on the NYSE.
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