Cabot Corporation CBT recorded a profit of $86 million or $1.48 per share in the third quarter of fiscal 2021 (ended Jun 30, 2021) against a loss of $6 million or 12 cents in the year-ago quarter.
Barring one-time items, adjusted earnings per share were $1.35 in the reported quarter against a loss of 7 cents in the year-ago quarter. The bottom line topped the Zacks Consensus Estimate of $1.19.
Net sales climbed 77% year over year to $917 million in the quarter. The metric beat the Zacks Consensus Estimate of $843.6 million. The company witnessed strength in volumes across all its segments. Implementation of price increases to maintain strong margins was beneficial amid headwinds from raw material costs. Moreover, targeted growth initiatives have brought in higher sales, including new adoptions at leading battery customers. …