Cabot income totals $62 million

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Cabot income totals $62 million
Thursday, July 28, 2011

  _! B" j: B! k# VBoston, MA - Cabot announced for the third quarter of fiscal 2011, net income was $62 million ($0.95 per diluted common share) which includes a $0.09 per share charge principally for restructuring costs. Adjusted EPS was $1.04 per share. Third quarter fiscal 2011 EBIT in the rubber blacks business increased by $9 million when compared to the same quarter of fiscal 2010. The increase was driven principally by higher prices, a favorable product mix and energy center benefits. These positive factors more than offset the impact of higher raw material costs, including a $7 million unfavorable LIFO charge in the third quarter of fiscal 2011, and 3 percent lower volumes when compared to the third quarter of fiscal 2010. Excluding the impact of the closure of its carbon black facility in India, volumes decreased by 1 percent. Sequentially, global volumes were 3 percent higher driven by growth in emerging markets and Japan. When compared to the second quarter of fiscal 2011, EBIT was flat. Higher unit margins offset an unfavorable LIFO charge of $7 million and $8 million of quarterly benefits in the second quarter that did not repeat.

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