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Cabot Corp Reports Third Quarter Adjusted EPS Of $0.84 And Diluted EPS Of $0.90

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

Key Highlights

  • Total Segment EBIT increased 25% sequentially and 2% year over year as demand improved in many of our end markets
  • Record Advanced Technologies segment operating results
  • Reduced net working capital by $30 million and reduced debt by $61 million
  • Acquisition of NHUMO will help strengthen the company’s position in North America
(In millions, except per share amounts)   Fiscal 2013   Fiscal 2012
Third   First   Third   First


9 Months


9 Months

Net sales $ 903 $ 2,565 $ 846 $ 2,452
Net income attributable to Cabot Corporation $ 59 $ 106 $ 66 $ 352
Net earnings per share attributable to Cabot Corporation $ 0.90 $ 1.63 $ 1.02 $ 5.43
Less Adjustments:
Net income per share from discontinued operations $ 0.04 $ 0.02 $ 0.06 $ 3.14
Certain items per share $ 0.02 $ (0.52) $ (0.04) $ (0.30)
Adjusted EPS   $ 0.84   $ 2.13   $ 1.00   $ 2.59

Commenting on the results, Cabot President and CEO Patrick Prevost, said, “We experienced a sequential and year over year increase in volumes as demand in many of our end markets improved. Additionally, our Advanced Technologies segment delivered record-setting EBIT. We were also pleased with the early results of a corporate-wide initiative to reduce net working capital and generate cash. The initiative resulted in a net working capital improvement of $30 million this quarter, but caused an $8 million unfavorable impact to our operating results through the reduction of inventory. Our earnings were also unfavorably impacted by a $3 million LIFO accounting charge. Finally, the near-term challenges in the North American mercury-removal end market continue to affect performance of the Purifications Solutions segment.”

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