Woodland Park, New Jersey -- Cytec Industries Inc.'s Coatings Resins business, which includes most of the company's polyurethane activities, has reported sales up by 38 percent to $341 million in the first quarter of 2010 (Q4), compared to the same period last year.
Operating earning increased to $16.8 million, compared to a loss of $20 million in the first quarter of 2009, a 22 April company statement said.
Selling volumes were up 42 percent year-on-year, "due to improved demand versus the destocking activities that occurred in 2009," Cytec said. Selling prices were down 9 percent, compared to Q4 2009, in response to competitive pressures, the New Jersey-based company said.
Overall, Cytec reported Q4 sales of $786.8 million, up from $612 million in the same quarter of 2009.
"We had an excellent start to the year, our structural improvement initiatives are in place, our balance sheet is strong, and we continue to build momentum in 2010," said Cytec ceo, Shane Fleming. (RD)