Cabot Corp. (CBT) Tops Q2 EPS by 2c, Beats on Revenue

Cabot Corp. (NYSE: CBT) reported Q2 EPS of $0.87, $0.02 better than the analyst estimate of $0.85. Revenue for the quarter came in at $678 million versus the consensus estimate of $637.58 million.

Key Highlights

• Diluted EPS up 55% over prior year; Adjusted EPS up 24%
• Stronger volumes across all segments drove significant improvement in year-over-year operating results
• Reinforcement Materials EBIT up 59% year over year; strongest EBIT quarter since 2014
• Returned cash to shareholders: $19 million in dividends and $15 million in share repurchases

Outlook

Commenting on the outlook for the company, Keohane said, “We are very pleased with our second quarter results and remain focused on delivering a strong second half of the fiscal year. We expect Reinforcement Materials volumes in line with the second quarter while the business will experience a higher level of planned maintenance activity. While demand in our Performance Chemicals end markets remains robust, the segment will continue to see some year-over-year impact from higher feedstock costs. We expect Purification Solutions will benefit from volume growth in the third quarter which will be offset by inventory drawdowns and costs associated with turnaround activities. Overall, we remain focused on delivering shareholder value by growing our annual adjusted EPS by 7-10% over time and expect to be toward the high end of that range this year."

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

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