Cytec Industries Inc. (CYT) Thursday announced third quarter net earnings of $12.5 million or $0.26 per share, compared to $46.3 million or $0.96 per share in the prior year period.
Excluding certain items, net earnings for the period were $27.6 million or $0.57 per share, compared to $51.2 million or $1.06 per share in the year-ago period.
On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $0.34 per share. Analysts' estimates typically exclude special items.
Included in the quarter are several special items that total $15.1 million of net expense after-tax or $0.31 per share.
Net sales for the period were $740 million, compared to $963.0 million in last year quarter. Three Wall Street analysts expected revenues of $710.67 million.
Looking forward, for the fiscal year 2009, the company now expects earnings per share in the range of $0.80 to $1.00, compared to its previous forecast in the range of $0.60 to $0.90. Street analysts expect earnings of $0.81 per share.
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