Cabot Corp. (CBT) Misses Q3 EPS by 10c

Cabot Corp. (NYSE: CBT) reported Q3 EPS of $0.64, $0.10 worse than the analyst estimate of $0.74. Revenue for the quarter came in at $694 million versus the consensus estimate of $774.9 million.

Commenting on the results, Cabot President and CEO Patrick Prevost, said, “We experienced another challenging quarter as the weak global macroeconomic environment and the downturn in the oil and gas sector affected our Reinforcement Materials and Specialty Fluids segments. Our volumes held up relatively well on a global basis, with increases in many businesses, but we continued to experience margin pressure in Reinforcement Materials from lower contract pricing, increased competition in Asia and feedstock-related effects. We were pleased with the record EBIT performance of Performance Chemicals, which benefitted from higher volumes. Purification Solutions results improved year over year due to a combination of favorable volumes, higher margins and lower operating costs. We were disappointed with the Supreme Court decision on the MATS regulations. This has created additional uncertainty for the business, which is reflected in the impairment charge we recorded this quarter. We continue to be negatively affected by foreign exchange and the impact of oil prices on LIFO. Finally, we repurchased 574,000 shares during the quarter, bringing the year-to-date repurchases to 1.8 million shares.”

For earnings history and earnings-related data on Cabot Corp. (CBT) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Newton Golf Company (NWTG) Reports Q2 Loss of $0.49
• JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery