Cytec Industries Inc. (CYT), which slashed its dividend by 90% in 2009, has returned its payout to pre-crisis levels. The specialty chemicals and materials company declared a quarterly dividend of $0.125 per share within its fourth quarter earnings release, which also contained mixed results and disappointing guidance.
Cytec reported fourth quarter earnings of $0.83 per share, easily topping the $0.61 per share profit expected by analysts. But it pulled in just $699.6 million in revenue, falling well short of the consensus estimate of $799.63 million.
Looking ahead, the company expects 2011 earnings of $3.15 to $3.50 per share on sales of $2.9 to $3.0 billion. Wall Street is currently projecting much higher earnings ($3.73 per share) and sales ($3.29 billion).
After bolting out of the gate up as much as 12% this morning, shares of CYT have settled into the $54.00 (+5.41%) range, where they now feature a 0.93% dividend yield.