Cabot Q4 Profit Rises

(RTTNews) - Cabot Corp. (CBT) Monday reported fourth-quarter net income of $94 million or $1.51 per share, up from $72 million or $1.13 per share last year. Adjusted earnings for the quarter rose to $1.00 per share from $0.98 per share last year.

Sales for the fourth quarter rose to $850 million from $723 million last year.

Analysts polled by Thomson Reuters expected earnings of $1.09 per share on revenues of $865.55 million.

CEO Sean Keohane said, "In the fourth quarter, we achieved solid results despite some temporary headwinds. Reinforcement Materials posted 33% growth in EBIT on a year-over-year basis driven by the impact from our 2018 customer agreements and stronger spot pricing and volumes in Asia."

Looking forward to the full year 2019, Cabot expects adjusted earnings of $4.35 to $4.75 per share. Analysts currently expect earnings of $4.73 per share.