Cytec Industries Shares Surge 13.5% (CYT)

Woodland Park, New Jersey Cytec Industries Inc. CYT on Tuesday after the market closed released financial results that far exceeded Wall Street expectations. Cytec Industries Inc. (CYT) swung to a profit when it reported 2nd quarter net earnings of $61.8 million, or $1.24 per share, compared to a net loss of $24.8 million, or 52 cents per share, a year earlier. Excluding special items, Cytec Industries earned $1.31 per share. The company reported that its revenue surged to $873.9 million, up from $685.3 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 67 cents per share, on revenue of $801.84 million. The company raised its full year earnings forecast to a range between $3.20 and $3.50, up from the previous forecast of $1.90 to $2.40 per share. Shares of Cytec Industries surged more than 13% to $48 per share after the news was released during after hours trading. Analysts covering CYT have a consensus price target of $50.86 per share. Read more from Benzinga's Company news.