Cytec Industries, Inc. (CYT) Tops Q2 EPS Views; Boosts Dividend, Declares Two-for-One Split

Cytec Industries, Inc. (NYSE: CYT) reported Q2 EPS of $2.00, $0.47 better than the analyst estimate of $1.53. Revenue for the quarter came in at $527 million versus the consensus estimate of $525.24 million.

The company also announced two significant decisions for shareholders. The first was that the company's Board of Directors declared an increase in the quarterly cash dividend from $0.125 to $0.25 per share on the common stock of the company. The cash dividend is payable on August 25, 2014 to shareholders of record as of August 11, 2014 and will be paid on the pre-split shares.

Shane Fleming, Chairman, President, and Chief Executive Officer commented, "We are pleased to provide our shareholders with this significant increase in our dividend. We believe the potential for our portfolio of businesses for increasing earnings and cash flow provides us the opportunity to invest in our businesses, maintain and improve our strong balance sheet while also delivering increased value and returns for our shareholders."

The second decision was that the company's Board of Directors declared a two-for-one split of the company's common stock to be paid as a stock dividend. Shareholders of record as of the close of business on September 2, 2014 will receive one additional share of common stock for each share of common stock they own, payable on September 17, 2014. As of today, Cytec has approximately 35,900,000 shares of common stock outstanding, or post-split, approximately 71,800,000 shares of common stock outstanding.

This will be the Company's second stock split since it went public in 1993.

For earnings history and earnings-related data on Cytec Industries, Inc. (CYT) click here.

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