BOSTON–(BUSINESS WIRE)–Cabot Corporation (NYSE: CBT) today announced results for its first quarter of fiscal year 2022.
- Strong EBIT results of $85 million in Reinforcement Materials and $52 million in Performance Chemicals
- Positive outcome from the calendar year 2022 Reinforcement Materials customer negotiations with price increases in all regions
- Momentum in Battery Materials continued, with year-over-year volume growth of 58%
- Entered into agreement to acquire plant in China from Tokai Carbon Group to support growth in Battery Materials
- Returned $40 million in the quarter to shareholders through dividends and share repurchases
“I am very pleased with our start to fiscal 2022 as we delivered strong results with adjusted EPS 9% higher than last year’s first quarter,” said Cabot President and Chief Executive Officer, Sean Keohane. “Solid demand and strong pricing execution in the Reinforcement Materials and Performance Chemicals segments drove a 16% adjusted EPS increase sequentially. We continued to execute against our growth strategy and are particularly excited about our accelerating momentum in Battery Materials which achieved significant growth in the quarter.”
Keohane continued, “We successfully concluded our 2022 tire customer negotiations, and we are very pleased about the outcomes, having realized pricing increases in all regions while expecting volume growth in line with regional demand. In addition, we continued with our commitment to return cash to our shareholders with a return of $21 million of dividends and $19 million of share repurchases in the quarter. Our balance sheet remained strong with approximately $1.2 billion of liquidity and a net debt to EBITDA ratio of 1.8 times as of December 31, 2021.” …