Cabot Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2013; Expects Operating Tax Rate and Capital Expenditures for Fiscal 2014
January 29, 2014 at 04:05 pm EST
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Cabot Corporation reported unaudited consolidated earnings results for the first quarter ended December 31, 2013. For the quarter, the company reported net sales and other operating revenues of $899 million against $820 million for the same period last year. Income from operations was $86 million against $55 million for the same period last year. Income from continuing operations before income taxes and equity in net earnings of affiliated companies was $108 million against $41 million for the same period last year. Income from continuing operations was $86 million or $1.23 per diluted share against $25 million or $0.33 per diluted share for the same period last year. Net income attributable to the company was $80 million or $1.23 per diluted share against $20 million or $0.31 per diluted share for the same period last year. Adjusted EPS was $0.86 against $0.66 for the same period last year. During the first quarter of fiscal 2014, the company generated adjusted EBITDA of $150 million. Uses of cash during the first quarter include $42 million for capital expenditures. Total segment EBIT from continuing operations was $113 million, which was $24 million or 27% higher than last year's first quarter. The increase compared to the prior year was driven by higher volumes across many of segments. Sequentially, total segment EBIT increased $15 million, driven by improved performance in Reinforcement Materials as a result of higher volumes and lower costs.
The company anticipates operating tax rate for fiscal 2014 will be between 26% and 28%. The company expects capital expenditures to be between $200 million and $250 million for fiscal 2014.
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, 2013; Expects Operating Tax Rate and Capital Expenditures for Fiscal 2014