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Cabot Corp Reports First Quarter Adjusted EPS Of $0.86 And Diluted EPS Of $1.23

Stocks in this article: CBT

Cabot Corporation (NYSE: CBT) today announced results for its first quarter of fiscal year 2014.

Key Highlights

  • Double-digit year over year volume growth in Reinforcement Materials and Performance Materials
  • Strong quarter for Advanced Technologies
  • Completion of NHUMO acquisition strengthens leadership position in carbon black
  • Commercialization of new China carbon black plant progressing well
           
(In millions, except per share amounts)         First Quarter

2014

     

2013

 
Net sales $ 899 $ 820
Net income attributable to Cabot Corporation $ 80 $ 20
 
Net earnings per share attributable to Cabot Corporation $ 1.23 $ 0.31
Less Adjustments:
Net loss per share from discontinued operations $ - $ (0.02)
Certain items per share $ 0.37 $ (0.33)
Adjusted EPS         $ 0.86       $ 0.66
 

Commenting on the results, Cabot President and CEO Patrick Prevost, said, β€œI am pleased with our strong start in fiscal 2014. We delivered our second best quarter in the history of our Reinforcement Materials segment along with strong performance in Advanced Technologies and Performance Materials.” Prevost continued, β€œIn addition to recovery in global demand, our volumes grew year over year through the successful commercialization of new capacity and the addition of our Mexican carbon black acquisition. However, I was disappointed by another difficult quarter in Purification Solutions as we continued to face operational issues that resulted in lower volumes and cost increases. On the strategic front, the integration of the NHUMO acquisition and the commercialization of our new China carbon black plant are progressing well.”

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