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Cabot Corporation Reports First Quarter EPS Of $0.31, Adjusted EPS Of $0.66

Cabot Corporation (NYSE: CBT) today announced results for its first quarter of fiscal 2013.

Key Highlights

  • Total segment EBIT improves 11% year over year
  • Purification Solutions adds $7 million EBIT in the first quarter
  • Specialty Fluids EBIT sequential decline of $11 million due to lower rental activity
  • Royalties from Elastomer Composites licensing agreement with Michelin running through 2022
     
(In millions, except per share amounts)   First Quarter

2013

   

2012

 
Net sales $ 820 $ 762
Net income attributable to Cabot Corporation $ 20 $ 46
 
Net earnings per share attributable to Cabot Corporation $ 0.31 $ 0.71
Less adjustments:
Net (loss) income per share from discontinued operations $ (0.02 ) $ 0.16
Certain items per share $ (0.33 ) $ (0.08 )
Adjusted EPS $ 0.66 $ 0.63
           

Commenting on the results, Patrick Prevost, Cabot’s President and CEO, said, “Our businesses yielded an improvement in year over year adjusted earnings per share despite the challenging macroeconomic environment. We made significant progress on several strategic initiatives during the quarter. We received royalties and another planned milestone payment from our Elastomer Composites technology licensing agreement with Michelin. It is a significant event as we have entered the next phase of our exclusive agreement for use of our technology in tire applications. The agreement and the associated royalties will extend through 2022. We also experienced a 25% increase in year over year Fumed Metal Oxides volumes through the launch of new products and the utilization of our new capacity. However, we experienced a substantially lower level of activity in our Specialty Fluids Business and a weak economic environment negatively affected our volumes and utilization levels in our Reinforcement Materials and Performance Materials Segments.”

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