Cabot Q1 Report 2024

Sean Keohane, Cabot President and Chief Executive Officer, commented on the quarter, “We continued to execute against our Creating for Tomorrow strategy and build momentum, delivering another quarter of strong adjusted EPS. The Cabot team demonstrated operational excellence and agility in a weak market environment, resulting in adjusted EPS of $1.56, up 59% year-over-year and in-line with our expectations. Reinforcement Materials continued to demonstrate its resilience, delivering EBIT of $129 million driven by price and product mix improvements and volume growth as compared to the first quarter of fiscal 2023. 

Highlights

• Reinforcement Materials segment EBIT of $129 million; up 37% compared to the same quarter in the prior year
• Performance Chemicals segment EBIT of $34 million; up 17% year over year
• Finalized calendar year 2024 Reinforcement Materials customer agreements with price and product mix improvements in all regions
• Cash Flows from Operations of $105 million in the fiscal first quarter supported the return of $55 million of cash to shareholders in the quarter through $22 million in dividends and $33 million in share repurchases
• Recognized by Newsweek as one of America’s Most Responsible Companies 2024 for the fifth consecutive year