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August issue.
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Cabot profits up $72 million in third quarter
Friday, July 30, 2010
Boston, MA - Cabot announced that total business profit increased $72 million in its third quarter from the same quarter last year and $22 million sequentially as all businesses performed at a high level. Sales for the quarter were $753 million. It was the third consecutive quarter of strong operating results despite volumes below pre-crisis levels. Volumes increased 20 percent from third quarter 2009 as markets recover globally, sequential demand remained solid and that robust unit margins from increased efficiency, value pricing and cost controls continue to lift performance. For the third quarter of fiscal 2010, net income attributable to Cabot Corporation was $47 million ($0.72 per diluted common share). Adjusted EPS was $0.95 per common share, excluding $0.23 per common share of certain items principally related to charges from the closure of the company’s carbon black facility in Thane, India. Third quarter fiscal 2010 profitability in the Rubber Blacks Business increased by $30 million when compared to the same quarter of fiscal 2009. Robust unit margins and 22 percent higher volumes globally from improved demand in the tire and automotive markets drove the improvement. Volumes in China increased by 32 percent over the third quarter of fiscal 2009, in South America by 30 percent, in Asia Pacific, excluding China, by 27 percent, in North America by 24 percent and in the Europe, Middle East, Africa region by 2 percent. Sequentially, profitability rose by $3 million as global volumes increased by 3 percent, led by improvements in China and Asia Pacific, and results benefited from the achievement of certain milestones in our new business development efforts.
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This Weeks Headlines - Past 7 Days
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