Cytec cuts FY14 net interest expense outlook to $17M from $25M Sees Q3 effective tax rate 31% plus or minus a percent. Expects capital spending to trend down in Q3 and more significantly in Q4. Expects to start generating excess free cash flow in 2H14. Says Cytec "well positioned" for the next 20 years. Expects overall full-year sales to be stronger than the company originally forecasted. Comments made during the company's Q2 earnings conference call.
Cytec Industries reports Q2 adjusted EPS 81c, consensus 85c Reports Q2 net sales from continuing operations of $508M, may not compare to consensus $551.73M. CEO Shane Fleming said, "Our second quarter results were in line with our expectations as we continue to execute our long-term plan. I am very pleased with the performance of our largest segments, Aerospace Materials and In Process Separation, both of which supported the solid earnings performance in the quarter against tough comparable quarters. Industrial Materials is experiencing weaker market conditions versus the prior year period, but we remain excited about the longer-term growth opportunities in the segment."