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Cabot Corporation (CBT-0.70%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing net sales of $955 million, a slight decrease from $958 million in the same quarter the previous year. The decrease is attributed to less favorable pricing and product mix, partially offset by higher volumes.
Gross profit for the quarter was $235 million, up from $218 million in the previous year, driven by higher volumes in both the Reinforcement Materials and Performance Chemicals segments.
Selling and administrative expenses decreased by $1 million, while research and technical expenses also decreased by $1 million compared to the previous year.
Interest and dividend income decreased to $6 million from $9 million, while interest expense decreased to $18 million from $22 million. Other income increased significantly due to lower foreign exchange losses, primarily in Argentina.
The effective tax rate for the quarter was 28%, with a provision for income taxes of $41 million, compared to a 36% rate and a $34 million provision in the previous year.
Net income attributable to Cabot Corporation was $93 million, or $1.67 per diluted share, up from $50 million, or $0.88 per diluted share, in the previous year.
The Reinforcement Materials segment reported sales of $611 million, a decrease from $641 million, with EBIT increasing slightly to $130 million from $129 million.
The Performance Chemicals segment reported sales of $311 million, up from $285 million, with EBIT increasing to $45 million from $34 million.
Cash provided by operating activities was $124 million, compared to $105 million in the previous year, with capital expenditures totaling $77 million.
The company anticipates sufficient liquidity from cash on hand, operating activities, and credit agreements to meet its needs for the foreseeable future.
Cabot Corporation continues to monitor regulatory developments, including potential impacts from tariffs and environmental compliance costs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cabot Corporation quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.