Cabot Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2012; Provides Tax Rate Guidance for the Fiscal Year 2013
January 31, 2013 at 02:39 am IST
Share
Cabot Corporation reported unaudited consolidated earnings results for the first quarter ended December 31, 2012. For the quarter, the company reported net sales and other operating revenues of $820 million against $762 million for the same period last year. Income from operations was $55 million against $61 million for the same period last year. Income from continuing operations before income taxes and equity in net earnings of affiliated companies was $41 million against $55 million for the same period last year. Income from continuing operations was $25 million or $0.33 per diluted share against $40 million or $0.55 per diluted share for the same period last year. Net income attributable to the company was $20 million or $0.31 per diluted share against $46 million or $0.71 per diluted share for the same period last year. Adjusted EPS was $0.66 against $0.63 for the same period last year. The company ended the first quarter of fiscal 2013 with a cash balance of $91 million, a decrease of $29 million from the fourth quarter of fiscal 2012. The decrease was driven by capital expenditures of $62 million and an increase in net working capital.
The company provided tax rate guidance for the fiscal year 2013. The company expects operating tax rate for fiscal 2013 will be between 25% and 27%.
Cabot Corporation is a global specialty chemicals and performance materials company. The Company operates through two segments: Reinforcement Materials and Performance Chemicals. The Reinforcement Materials segment combines reinforcing carbons, engineered elastomer composites and EVOLVE Sustainable Solutions product. The reinforcing carbons products are used in tires and industrial products. In Performance Chemicals, it designs, manufacture and sell materials that deliver performance in a range of customer applications across the automotive, construction, infrastructure, inkjet printing, electronics, and consumer products sectors and in applications related to the generation, transmission and storage of energy. The Performance Chemicals segment combine specialty carbons, specialty compounds, battery materials, fumed metal oxides, aerogel and inkjet product lines. Its products include Carbon black, specialty carbons, battery materials, fumed silica, aerogel and inkjet colorants.
Cabot Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2012; Provides Tax Rate Guidance for the Fiscal Year 2013