Cytec Industries Inc. (CYT) Thursday reported first-quarter profit of $33.9 million, down from $53.6 million in the same period last year. The company has also lowered its earnings outlook for the fiscal year 2013.
Net earnings attributable to the company dropped to $33.5 million or $0.73 per share from $53.1 million or $1.14 per share last year.
Earnings from continuing operations plunged to $8.0 million or $0.17 per share from $30.2 million or $0.65 per share last year.
Earnings from discontinued operations totaled $25.9 million $0.56 per share, compared to $23.4 million or $0.49 per share last year.
Adjusted earnings from continuing operations was $34.2 million or $0.75 per share. On average, six analysts polled by Thomson Reuters expected the company to earn $0.86 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $477.4 million, up from $378.1 million last year. Analysts expected revenues of $485.35 million.
Looking ahead to the fiscal year 2013, the company currently projects earnings in a range of $4.50 to $4.75 per share, down from previous guidance range of $4.70 to $4.95 per share. Analysts currently expect full-year earnings of $4.82 per share.
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