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Yuan Zhongxue, Director of the National Engineering Research Center for Rubber and Tire…
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2 weeks ago
Cabot Corporation (NYSE: CBT) today announced results for its second quarter of fiscal year 2024.
Key Highlights
|
(In millions, except per share amounts) |
Three Months Ended |
Six Months Ended |
||||||||||
|
|
3/31/24 |
3/31/23 |
3/31/24 |
3/31/23 |
||||||||
|
|
||||||||||||
|
Net sales and other operating revenues |
$ |
1,019 |
|
$ |
1,033 |
|
$ |
1,977 |
|
$ |
1,998 |
|
|
Net income (loss) attributable to Cabot Corporation |
$ |
84 |
|
$ |
75 |
|
$ |
134 |
|
$ |
129 |
|
|
Net earnings (loss) per share attributable to Cabot Corporation |
$ |
1.49 |
|
$ |
1.29 |
|
$ |
2.37 |
|
$ |
2.23 |
|
|
Less: Certain items after tax per share |
$ |
(0.29 |
) |
$ |
(0.04 |
) |
$ |
(0.96 |
) |
$ |
(0.08 |
) |
|
Adjusted EPS |
$ |
1.78 |
|
$ |
1.33 |
|
$ |
3.33 |
|
$ |
2.31 |
|
Sean Keohane, Cabot President and Chief Executive Officer, commented on the quarter, “I am very pleased with our second quarter results, as the Cabot team continued to execute against our Creating for Tomorrow strategy by delivering significant growth in Adjusted EPS year-over-year. Reinforcement Materials continued to demonstrate excellent performance, delivering EBIT of $149 million driven by price and product mix improvements in our calendar 2024 customer agreements and higher segment volumes. EBIT in the Performance Chemicals segment grew 11% year over year due to improved volumes.”
Keohane continued, “During the second quarter, we delivered operating cash flow of $176 million and returned $47 million of cash to our shareholders through $23 million in dividends and $24 million in share repurchases. In addition, today we announced an 8% increase to our quarterly dividend, which reflects our confidence in the strength of our cash flows and long-term growth outlook for our businesses. Our balance sheet remained strong with approximately $1.3 billion of liquidity as of quarter end.”
Financial Detail
For the second quarter of fiscal 2024, net income attributable to Cabot Corporation was $84 million ($1.49 per common share). Net income reflects an after-tax per share charge from certain items of $0.29. Adjusted EPS for the second quarter of fiscal 2024 was $1.78 per share.
Segment Results
Reinforcement Materials – Second quarter fiscal 2024 EBIT in Reinforcement Materials increased by $27 million compared to the second quarter of fiscal 2023. The increase in EBIT was principally driven by improved unit margins from higher pricing and improved product mix in our calendar year 2024 customer agreements and by higher volumes in Asia and Europe. …
Source: Cabot
Tire and Rubber Association of Canada
5409 Eglinton Ave W, Suite 208
Etobicoke, ON M9C 5K6
Tel: (437) 880-8420
Email: [email protected]