Cytec Industries Inc. (CYT) Ends 2009 On A Strong Note
January 29, 2010 2:11 PM
Analysts at KeyBanc Capital Markets have released an update on Cytec Industries Inc. (NYSE: CYT). The company reported strong results for the fourth quarter. Cytec reported sales of $752 million for the fourth quarter, up 8% from the same period last year. Organic sales at the company grew 4% year-over-year driven mainly by strong recovery in volume.
Cytec reported EPS of $0.70 for the quarter, well ahead of analysts’ estimate of $0.43. The company’s working capital initiatives have resulted in a strong free cash flow generation. According to analysts this is a positive sign given the difficult economic environment. The company had free cash flows of $350 million in 2009. The company also managed to reduce its debt by $194 million.
Cytec has also issued guidance for FY2010. The company expects EPS to be in the range of $1.90-$2.40. Analysts at Keybanc Capital Markets have maintained their Buy rating for Cytec Industries Inc.
