Cytec Industries Reduces Full Year 2008 Earnings Guidance

Posted on: Thursday, 9 October 2008, 18:00 CDT Cytec Industries Inc. (NYSE: CYT) announced today it is reducing its outlook for full year 2008 diluted earnings per share after adjusting for special items to a range of $3.75 to $3.85 per share, down from the prior guidance of $4.15 to $4.35 per share. David Lilley, Chairman and Chief Executive Officer said, "Our third quarter results have met our previous expectations. The principal reasons for the reduced outlook are a continuing strike at a major customer, a further weakening global economy, particularly in Europe, and the impacts in our Building Block Chemicals segment from weakening acrylic fiber demand as well as the adverse effects from hurricane Gustav. "In Cytec Surface Specialties, we continue to experience further deterioration in demand in North America, and towards... [read full story]