Cabot Corporation - $CBT STOCK NEWS

Cabot has launched new REPLASBLAK® universal circular black masterbatches with ISCC PLUS certified content, powered by EVOLVE® Sustainable Solutions. The products aim to meet the industry's need for sustainable solutions, supporting a circular economy and reducing GHG emissions. These masterbatches, made from mechanically recycled polymer, offer high performance, quality, and reliability for coloring a wide range of polymers in automotive applications. The solutions enable material management efficiency, high gloss, and superior color performance, making them suitable for various automotive segments.

Cabot (NYSE: CBT) reported a strong performance in the second quarter of fiscal year 2024 with a diluted EPS of $1.49 and an adjusted EPS of $1.78, marking a 34% increase in adjusted EPS year-over-year. The company saw growth in both the Reinforcement Materials and Performance Chemicals segments. Cash flows from operations were $176 million, supporting a return of $47 million to shareholders. Cabot also increased its quarterly dividend by 8% to $0.43 per share.

The Board of Directors of Cabot (NYSE: CBT) has declared an 8% increase in the quarterly dividend to $0.43 per share, reflecting positive long-term business fundamentals and strong cash flow generation. The dividend is payable on June 14, 2024, to stockholders of record at the close of business on May 31, 2024.

Cabot and partners have been selected for a $5 million grant from the U.S. Department of Energy to support the development of carbon catalyst supports for fuel cells. The project aims to revolutionize the production process for medium and heavy-duty fuel cells, contributing to a more sustainable and cost-effective energy landscape.

Cabot (CBT) will announce its second-quarter fiscal 2024 operating results on May 6, 2024, followed by a conference call and webcast on May 7, 2024. The webcast will be hosted on Cabot's website.

Cabot (NYSE: CBT) wins the Tire Technology International 2024 Awards for 'Chemicals and Compounding Innovation of the Year' for its E2C DX9660 elastomer composite. The innovative solution offers performance and sustainability benefits for tire customers globally, showcasing a 30% increase in abrasion resistance without compromising rolling resistance. Cabot's E2C solutions aim to deliver high-quality dispersions and sustainable reinforcement agents for various tire and industrial applications.

Cabot (NYSE: CBT) launches PROPEL E8 engineered reinforcing carbon black to enhance durability and efficiency in electric vehicle and high-performance tire formulations. The product aims to address challenges posed by EVs, such as increased tire wear, by providing low rolling resistance and increased tread durability.

Cabot Corporation (NYSE: CBT) announced its first quarter fiscal year 2024 results, reporting diluted earnings per share of $0.88 and adjusted EPS of $1.56. The Reinforcement Materials segment EBIT increased by 37%, reaching $129 million, while the Performance Chemicals segment EBIT grew 17% year over year, reaching $34 million. Cash Flows from Operations amounted to $105 million, with $55 million returned to shareholders through dividends and share repurchases. The company was recognized by Newsweek as one of America’s Most Responsible Companies 2024 for the fifth consecutive year. Net sales and other operating revenues for the quarter were $958 million, with net income of $50 million. Adjusted EPS for the quarter was $1.56. The Reinforcement Materials segment EBIT increased by $35 million compared to the prior year, with global volumes increasing by 2%. Performance Chemicals segment EBIT grew by $5 million, driven by 10% higher volumes. The company ended the quarter with a cash balance of $244 million. The tax expense for the quarter was $34 million with an effective tax rate of 36%. The outlook for adjusted earnings per share for fiscal year 2024 remains in the range of $6.30 to $6.80, representing a 22% increase compared to fiscal 2023.

Cabot Corporation (CBT) announced a quarterly dividend of $0.40 per share on all outstanding shares of the Corporation’s common stock, payable on March 8, 2024, to stockholders of record at the close of business on February 23, 2024.