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Cabot Corporation Reports Strong Third Quarter Earnings And Announces Completion Of The Norit Acquisition

Stocks in this article: CBT

Cabot Corporation (NYSE: CBT) today announced results for its third quarter of fiscal 2012.

Key Highlights

  • Strategic acquisition of Norit N.V. completed with attractive financing
  • Value pricing and energy efficiency initiatives drive Core Segment results
  • Sequential improvement in Performance Segment and Inkjet Colorants Business from higher volumes
  • New products launched for adhesives and automotive markets
(In millions, except per share amounts)   Fiscal 2012   Fiscal 2011
Third   First   Third   First
Quarter 9 Months Quarter 9 Months
 
Net sales $ 846 $ 2,452 $ 836 $ 2,269
Net income attributable to Cabot Corporation $ 66 $ 352 $ 60 $ 186
 
Net earnings per share attributable to Cabot Corporation $ 1.02 $ 5.43 $ 0.92 $ 2.81
Less Adjustments:
Net income per share from discontinued operations $ 0.06 $ 3.14 $ 0.19 $ 0.68
Certain items per share $ (0.04 ) $ (0.30 ) $ (0.03 ) $ 0.25
Adjusted EPS   $ 1.00     $ 2.59     $ 0.76     $ 1.88
 

Commenting on the quarterly results, Cabot President and CEO Patrick Prevost, said, “We are pleased with our third quarter results, considering the challenging macroeconomic environment. We improved our adjusted earnings by 32% as compared to last year. Our Rubber Blacks Business continues to benefit from the implementation of our value pricing initiatives and our investments in yield and energy efficiency technology. We also saw the benefit from improved volumes and new products in our Performance Segment.”

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