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Cytec Reports 37% Drop in Q1 Net

Cytec (NYSE: CYT  ) results for the company's Q1 have been released. For the quarter, the net sales figure was $477 million, a robust year-over-year increase of 26% from the $378 million in the same period the previous year. Attributable net profit, on the other hand, fell by 37% over that same time frame, to land at $33.5 million ($0.73 per diluted share) from Q1 2012's result of $53.1 million ($1.14).

Cytec also provided updates to its forward guidance. For the entirety of fiscal 2013, adjusted diluted EPS is now expected to come in at $4.50-$4.75. This is a downward revision from the previous anticipation of $4.70-$4.95, although the firm stressed that it is still a "substantial" improvement over 2012's tally of $3.02.

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Eric Volkman

Eric has been writing about stocks and finance since the mid-1990s, when he lived in Prague, Czech Republic. Over the course of a varied career, he has also been a radio newscaster, an investment banker, and a bass player in a selection of rock and roll bands. A native New Yorker, he currently lives in Los Angeles.

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