Cabot Corp. (CBT) Tops Q2 EPS by 1c

Cabot Corp. (NYSE: CBT) reported Q2 EPS of $0.99, $0.01 better than the analyst estimate of $0.98. Revenue for the quarter came in at $844 million versus the consensus estimate of $876.86 million.

Commenting on the results, Cabot President and CEO Sean Keohane said, “Despite a challenging environment in the second quarter, we delivered solid results with adjusted earnings per share of $0.99. Results in the quarter were impacted by weakness in China, continued softness in automotive demand and the unfavorable impact from higher raw material costs. These items were partially offset by the improved results in our Purification Solutions and Specialty Fluids segments.”

Keohane continued, “Cash return remains an important element of our capital allocation framework and in the quarter, we returned $70 million through share repurchases and dividends and a total of $319 million returned to shareholders over the last year. We also remain committed to investing for growth and are on track to start-up our new fumed metal oxides facility in China in the coming months. Finally, we announced the agreement to sell the Specialty Fluids business in the quarter and we are pleased with the progress on our broader goal to divest non-core businesses.”

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

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