Cytec Industries — Q1 2015 Earnings Presentation
12 slides from Cytec Industries's earnings presentation, April 2015
Slide 1: First Quarter 2015 Earnings Review
CYTEC.COM First Quarter 2015 Earnings Review Shane Fleming – Chairman, President and CEO Dan Darazsdi – Vice President and CFO © Cytec Industries
Slide 2: Forward Looking Statement
Forward Looking Statement During the course of this meeting we may make forward-looking statements. All statements that address expectations or projections about the future are forward-looking statements. Some of these statements include words such as “expects”, “anticipates,” “plans,” “intends,” “p
Slide 3: Results Overview
Results Overview 1st Quarter 2015 As Adjusted EPS Sales of $515 Million +15% $1.00 $0.82 $0.80 0.71 Net Earnings of $59.6M or $0.82 per diluted share $0.60 $0.40 $0.20 $0.00 1Q 2015 1Q 2014 • Sales growth driven by In Process Separation and Aerospace Materials • Operating earnings up 23% versus prio
Slide 4: Business Segment Results – Aerospace Materials
Business Segment Results – Aerospace Materials $M USD Q1’15 Q1’14 %Δ Sales 259 243 7% Operating Earnings 49.7 37.9 31% • Sales volume driven by increases in all sectors including Q1 Sales Comparison YoY rotorcraft, commercial transport and military Sales Growth 7% • Operating earnings 31% higher tha
Slide 5: Business Segment Results – Industrial Materials
Business Segment Results – Industrial Materials $M USD Q1’15 Q1’14 %Δ Sales 79 83 (5)% Operating Earnings 6.9 8.2 (16)% • Sales decreased 5% as a result of foreign exchange, Q1 Sales Comparison YoY offset partially by volume and price increases Sales Growth (5)% • Operating earnings were down 16% ma
Slide 6: Business Segment Results – In Process Separation
Business Segment Results – In Process Separation $M USD Q1’15 Q1’14 %Δ Sales 107 96 12% Operating Earnings 28.8 19.2 50% • Solid demand in base metals including copper and Q1 Sales Comparison YoY alumina increased volumes by 13%, partially offset by Sales Growth 12% exchange rates Volume 13% • Opera
Slide 7: Business Segment Results – Additive Technologies
Business Segment Results – Additive Technologies $M USD Q1’15 Q1’14 %Δ Sales 69.7 66.2 5% Operating Earnings 9.1 7.9 15% • Sales volumes up 10% due to solid demand for Q1 Sales Comparison YoY Polymer Additives and Specialty Additives Sales Growth 5% products, partially offset by exchange rates and p
Slide 8: Financial Results: Q1 2015
Financial Results: Q1 2015 Special Items Recorded in Continuing Operations are the following special items resulting in a net pre-tax charge of $26.9M ($17.1M after-tax or $0.24 per diluted share). All are included in Corporate and Unallocated: • A net pre-tax charge of $15.8M ($9.9M after-tax or $0
Slide 9: Cash Flow Metric
Cash Flow Metric Working Capital Days* 100 87 86 90 82 79 80 70 60 49 50 49 49 50 40 48 45 45 46 30 20 10 0 June-14 September-14 December-14 March-15 Inventory-DOS Acct Payable-DPO Acct Receivable-DSO *Quarter end data © Cytec Industries 9
Slide 10: Balance Sheet
Balance Sheet Cash • Cash flow from operations $14 million in Q1 • Cash balance end of Q1 $107 million • No share repurchase during Q1 Capital Spending • $34M in Q1 • Outlook for 2015 between $170 and $190 million © Cytec Industries 10
Slide 11: 2015 Outlook
2015 Outlook Business Segment Net Sales Operating Earnings Aerospace Materials $1,040M – $1,080M $200M – $210M Industrial Materials $320M – $330M $30M – $34M In Process Separation $445M – $465M $102M – $108M Additive Technologies $270M – $290M $35M – $39M Corporate & Unallocated ($26M – $28M) Total
Slide 12: NYSE: CYT
NYSE: CYT © Cytec Industries 12