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Cabot Corporation (CBT+1.19%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing reports net sales and operating revenues of $3,994 million, an increase from $3,931 million in the previous year. The increase was driven by higher volumes in both the Reinforcement Materials and Performance Chemicals segments.
Gross profit for the year was $960 million, up from $839 million in the previous year. This increase was attributed to improved volumes and unit margins in both segments.
Selling and administrative expenses rose to $283 million from $253 million, primarily due to increased incentive compensation expenses.
Research and technical expenses increased to $63 million from $57 million, also due to higher incentive compensation expenses.
Interest expense decreased to $81 million from $90 million, reflecting lower average short-term borrowings.
Other expenses increased to $36 million, largely due to higher foreign currency losses in Argentina.
The provision for income taxes was $111 million, compared to a benefit of $28 million in the previous year. This change was influenced by a lower partial release of the valuation allowance on U.S. deferred tax assets.
Net income attributable to Cabot Corporation was $380 million, down from $445 million in the previous year. The decrease was mainly due to the lower tax benefit and higher foreign currency losses.
Reinforcement Materials reported sales of $2,610 million and EBIT of $537 million, with higher volumes and unit margins contributing to the increase.
Performance Chemicals reported sales of $1,250 million and EBIT of $164 million, driven by higher volumes and improved product mix.
Cabot's liquidity position improved, with cash and cash equivalents of $223 million and borrowing availability of $1.2 billion as of September 30, 2024.
Capital expenditures for fiscal 2025 are expected to be between $250 million and $300 million, focusing on sustaining, compliance, and capacity expansion projects.
Cabot repurchased approximately 1.7 million shares of common stock for $159 million during fiscal 2024, with 1.3 million shares remaining available for repurchase under the current authorization.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cabot Corporation annual 10-K report dated November 20, 2024. To report an error, please email earnings@qz.com.