Cabot Corp. (CBT) Tops Q1 EPS by 15c

Cabot Corp. (NYSE: CBT) reported Q1 EPS of $0.93, $0.15 better than the analyst estimate of $0.78. Revenue for the quarter came in at $720 million versus the consensus estimate of $653.54 million.

Cabot President and CEO Sean Keohane, said, “I am very pleased with our operating results in the quarter. Reinforcement Materials delivered strong results with 55% growth in EBIT on a year-over-year basis from benefits in both 2017 calendar year customer agreements and strong Asia spot pricing. Performance Chemicals experienced a solid quarter with price increases offset by higher raw material and fixed costs, while EBIT in Purification Solutions was higher than the prior year quarter due to continued momentum in the Specialty applications and the timing of royalty receipts. As is the case with many U.S. based multi-national companies, we recorded a significant GAAP tax charge in the quarter related to U.S. tax reform legislation. We expect the cash tax impact of the legislation to be minimal due to Cabot’s significant foreign tax credits. In addition, we maintained discipline around our capital allocation framework by investing in growth projects and returning $36 million to shareholders during the quarter.”

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

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