Cabot Corp Reports Fourth Quarter Adjusted EPS Of $0.78 And Diluted EPS Of $0.75

Cabot Corporation (NYSE: CBT) today announced results for its fourth quarter and full fiscal year 2013.

Key Highlights
  • Strong cash flow generation in fiscal year 2013 driven by 5% higher year-over-year adjusted EBITDA and net working capital reduction
  • Fourth quarter adjusted EPS increased 7% year-over-year as demand improved in many of our end markets
  • Reduced net working capital by $139 million and reduced debt by $154 million during the fourth quarter
  • Completion of strategic expansion in China strengthens the company’s position in emerging markets
(In millions, except per share amounts)     Fiscal 2013     Fiscal 2012
Fourth     Full     Fourth     Full




Net sales $ 898 $ 3,463 $ 848 $ 3,300
Net income attributable to Cabot Corporation $ 49 $ 155 $ 36 $ 388
Net earnings per share attributable to Cabot Corporation $ 0.75 $ 2.38 $ 0.56 $ 5.99
Less Adjustments:
Net income per share from discontinued operations $ 0.02 $ 0.04 $ 0.02 $ 3.16
Certain items per share $ (0.05 ) $ (0.57 ) $ (0.19 ) $ (0.49 )
Adjusted EPS     $ 0.78       $ 2.91       $ 0.73       $ 3.32  

Commenting on the results, Cabot President and CEO Patrick Prevost, said, “In fiscal 2013, we delivered $529 million of adjusted EBITDA through record-setting performance in Advanced Technologies, growth in Performance Materials, and the addition of Purification Solutions. We also continued to focus on improving the competitiveness of our businesses through strategic expansions, introduction of new products, and the execution of business initiatives. Over the past year, we completed our new carbon black plant in China and our fumed silica expansion in Wales. We introduced a number of new products, particularly for specialty applications such as silicone elastomers, adhesives, and plastics. In addition, we introduced new materials to the market through our carbon and graphene-based additives for batteries. Our execution of key business initiatives, such as the integration of Norit, the reduction of net working capital and the completion of restructuring actions in Advanced Technologies and Reinforcement Materials, further strengthened the company.”

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