Thursday, Cytec Industries Inc. (CYT) reported fourth-quarter net earnings of $9.8 million or $0.20 per share, compared to a net loss of $350.7 million or $7.39 per basic share in the year ago quarter.
Excluding items, net earnings were $34.4 million or $0.70 per share, compared tot net earnings of $4.7 million or $0.10 per share in the year ago quarter.
On average, seven analysts polled by Thomson Reuters expected the company to earn $0.39 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter was $752 million, down from $698 million in the comparable quarter last year. Analysts expected the company to report revenue of $700.73 million for the quarter.
Looking ahead to the full year 2010, the company expects net sales in the range of $1.25 billion - $1.40 billion and expects operating earnings in the range of $45 million - $60 million in the prior year period. Analysts currently anticipate the company to earn $2.00 per share on revenue of $2.87 billion for the quarter.
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