Cabot Corp Reports Third Quarter Fiscal 2025 Results
Cabot Corporation (NYSE: CBT) reported Q3 FY25 results with diluted EPS of $1.86 and Adjusted EPS of $1.90, representing a 1% decrease year-over-year. The company's Reinforcement Materials segment EBIT declined 6% to $128 million, while Performance Chemicals segment EBIT increased 4% to $57 million.
Despite challenging market conditions, Cabot delivered strong operating cash flow of $249 million and returned $64 million to shareholders through dividends ($24M) and share repurchases ($40M). The company maintains a solid balance sheet with a Net Debt to EBITDA ratio of 1.3x and $1.4 billion in liquidity.
Cabot reaffirmed its FY25 Adjusted EPS guidance range of $7.15 to $7.50, expecting to land in the middle to lower end due to current demand levels impacted by tariff uncertainty and global macroeconomic challenges.
Cabot Corporation (NYSE: CBT) ha comunicato i risultati del terzo trimestre dell'anno fiscale 2025 con un utile per azione diluito di 1,86 $ e un utile per azione rettificato di 1,90 $, segnando una diminuzione dell'1% rispetto all'anno precedente. Il segmento Materiali di Rinforzo ha registrato un EBIT in calo del 6%, attestandosi a 128 milioni di $, mentre il segmento Prodotti Chimici per Prestazioni ha visto un aumento del 4% dell'EBIT, raggiungendo 57 milioni di $.
Nonostante condizioni di mercato difficili, Cabot ha generato un solido flusso di cassa operativo di 249 milioni di $ e ha restituito 64 milioni di $ agli azionisti tramite dividendi (24 milioni di $) e riacquisto di azioni (40 milioni di $). L'azienda mantiene un bilancio solido con un rapporto Debito Netto su EBITDA di 1,3x e una liquidità di 1,4 miliardi di $.
Cabot ha confermato la guidance sull'utile per azione rettificato per l'anno fiscale 2025, prevedendo un intervallo tra 7,15 e 7,50 $, aspettandosi di posizionarsi nella parte centrale o bassa di questa fascia a causa della domanda attuale influenzata dall'incertezza sui dazi e dalle sfide macroeconomiche globali.
Cabot Corporation (NYSE: CBT) informó los resultados del tercer trimestre del año fiscal 2025 con un BPA diluido de 1,86 $ y un BPA ajustado de 1,90 $, lo que representa una disminución del 1% interanual. El EBIT del segmento de Materiales de Refuerzo cayó un 6% hasta 128 millones de $, mientras que el EBIT del segmento de Productos Químicos de Rendimiento aumentó un 4% hasta 57 millones de $.
A pesar de las condiciones de mercado desafiantes, Cabot generó un sólido flujo de caja operativo de 249 millones de $ y devolvió 64 millones de $ a los accionistas mediante dividendos (24 millones de $) y recompra de acciones (40 millones de $). La compañía mantiene un balance sólido con una ratio Deuda Neta a EBITDA de 1,3x y una liquidez de 1,4 mil millones de $.
Cabot reafirmó su guía de BPA ajustado para el año fiscal 2025, con un rango de 7,15 a 7,50 $, esperando situarse en la mitad o en el extremo inferior debido a los niveles actuales de demanda afectados por la incertidumbre arancelaria y los desafíos macroeconómicos globales.
Cabot Corporation (NYSE: CBT)는 2025 회계연도 3분기 실적을 발표하며 희석 주당순이익(EPS)이 1.86달러, 조정 주당순이익이 1.90달러로 전년 대비 1% 감소했다고 밝혔습니다. 보강재 부문의 영업이익(EBIT)은 6% 감소한 1억 2,800만 달러를 기록한 반면, 성능 화학 부문의 EBIT는 4% 증가한 5,700만 달러를 기록했습니다.
어려운 시장 환경에도 불구하고 Cabot은 강력한 영업 현금 흐름 2억 4,900만 달러를 창출했으며, 배당금(2,400만 달러)과 자사주 매입(4,000만 달러)을 통해 주주들에게 총 6,400만 달러를 환원했습니다. 회사는 순부채 대비 EBITDA 비율 1.3배와 14억 달러의 유동성을 유지하며 견고한 재무구조를 유지하고 있습니다.
Cabot은 2025 회계연도 조정 EPS 가이던스를 7.15~7.50달러 범위로 재확인했으며, 관세 불확실성과 글로벌 거시경제적 도전으로 인한 현재 수요 수준을 감안할 때 중간에서 하단에 위치할 것으로 예상하고 있습니다.
Cabot Corporation (NYSE: CBT) a publié ses résultats du troisième trimestre de l'exercice 2025 avec un BPA dilué de 1,86 $ et un BPA ajusté de 1,90 $, soit une baisse de 1 % en glissement annuel. Le résultat d'exploitation (EBIT) du segment Matériaux de Renforcement a diminué de 6 % pour atteindre 128 millions de $, tandis que celui du segment Produits Chimiques de Performance a augmenté de 4 % pour s'établir à 57 millions de $.
Malgré un contexte de marché difficile, Cabot a généré un flux de trésorerie opérationnel solide de 249 millions de $ et a reversé 64 millions de $ aux actionnaires via des dividendes (24 millions de $) et des rachats d'actions (40 millions de $). La société maintient un bilan solide avec un ratio Dette Nette sur EBITDA de 1,3x et une liquidité de 1,4 milliard de $.
Cabot a réaffirmé ses prévisions de BPA ajusté pour l'exercice 2025, avec une fourchette comprise entre 7,15 et 7,50 $, s'attendant à se situer dans la partie médiane à basse de cette fourchette en raison des niveaux actuels de demande affectés par l'incertitude liée aux tarifs douaniers et aux défis macroéconomiques mondiaux.
Cabot Corporation (NYSE: CBT) meldete die Ergebnisse für das dritte Quartal des Geschäftsjahres 2025 mit einem verwässerten Gewinn je Aktie (EPS) von 1,86 $ und einem bereinigten EPS von 1,90 $, was einem Rückgang von 1 % im Jahresvergleich entspricht. Das EBIT des Segments Verstärkungsmaterialien sank um 6 % auf 128 Millionen $, während das EBIT des Segments Leistungschimikalien um 4 % auf 57 Millionen $ zunahm.
Trotz herausfordernder Marktbedingungen erzielte Cabot einen starken operativen Cashflow von 249 Millionen $ und gab 64 Millionen $ an die Aktionäre zurück, davon 24 Millionen $ in Dividenden und 40 Millionen $ durch Aktienrückkäufe. Das Unternehmen verfügt über eine solide Bilanz mit einem Nettofinanzverschuldungsgrad von 1,3x EBITDA und einer Liquidität von 1,4 Milliarden $.
Cabot bestätigte seine Prognose für das bereinigte EPS im Geschäftsjahr 2025 im Bereich von 7,15 bis 7,50 $ und erwartet, sich aufgrund der aktuellen Nachfragesituation, die durch Unsicherheiten bei Zöllen und globale makroökonomische Herausforderungen beeinflusst wird, im mittleren bis unteren Bereich einzupendeln.
- Strong operating cash flow of $249 million in Q3
- Performance Chemicals segment EBIT increased 4% to $57 million
- Solid balance sheet with Net Debt to EBITDA ratio of 1.3x and $1.4B liquidity
- Returned $64 million to shareholders through dividends and share repurchases
- Awarded Platinum rating from EcoVadis for sustainability performance
- Adjusted EPS decreased 1% year-over-year to $1.90
- Reinforcement Materials segment EBIT declined 6% to $128 million
- Global volumes down 8% in Reinforcement Materials segment
- Performance Chemicals volumes decreased 8% due to lower customer demand
- Net sales declined from $1,016M to $923M year-over-year
Insights
Cabot delivered solid Q3 results with $1.90 Adjusted EPS amid challenging demand, showing effective cost management despite volume declines.
Cabot Corporation posted Adjusted EPS of $1.90 in Q3 FY25, representing a slight 1% year-over-year decline compared to $1.92 in Q3 FY24. The company generated $923 million in revenue, down from $1,016 million in the same quarter last year, reflecting challenging market conditions.
Performance across segments was mixed. The Reinforcement Materials segment reported EBIT of $128 million, down 6% year-over-year, primarily due to volume declines of 8% globally. Regional performance varied significantly with volumes down 11% in Asia Pacific and 9% in the Americas, while Europe, Middle East, and Africa saw 4% growth. The Performance Chemicals segment delivered $57 million in EBIT, up 4% despite 8% lower volumes, showcasing effective cost management and optimization initiatives that improved gross profit per ton.
Cash generation remains a strength, with $249 million in operating cash flow during the quarter. The company maintained financial discipline by returning $64 million to shareholders ($24 million in dividends and $40 million in share repurchases) while investing $61 million in capital expenditures. Cabot's balance sheet appears solid with a Net Debt to EBITDA ratio of 1.3x and strong liquidity of $1.4 billion.
Management reaffirmed its FY25 Adjusted EPS guidance range of $7.15-$7.50 but cautioned they expect to land in the middle to lower end of this range given current demand levels. This guidance reflects the impact of ongoing macroeconomic headwinds and tariff uncertainties affecting customer demand. The anticipated operating tax rate for fiscal 2025 remains between 27% and 29%.
Despite the volume challenges, Cabot's ability to maintain near-flat earnings through cost optimization demonstrates operational resilience in a difficult environment, though persistent demand weakness could pressure future results if macroeconomic conditions don't improve.
Diluted earnings per share (“EPS”) of
BOSTON, Aug. 04, 2025 (GLOBE NEWSWIRE) -- Cabot Corporation (NYSE: CBT) today announced results for its third quarter of fiscal year 2025.
Q3 FY25 Key Highlights
- Diluted EPS of
$1.86 and Adjusted EPS of$1.90 , which represents a1% decrease in Adjusted EPS compared to the same quarter in the prior year
- Reinforcement Materials segment EBIT of
$128 million ; down6% compared to the same quarter in the prior year - Performance Chemicals segment EBIT of
$57 million ; up4% compared to the same quarter in the prior year - Returned
$64 million of cash to shareholders through dividends and share repurchases - Awarded Platinum rating from EcoVadis for exceptional leadership in sustainability performance for the fifth consecutive year
| (In millions, except per share amounts) | Three Months Ended | Nine Months Ended | |||||||||||
| 6/30/25 | 6/30/24 | 6/30/25 | 6/30/24 | ||||||||||
| Net sales and other operating revenues | $ | 923 | $ | 1,016 | $ | 2,814 | $ | 2,993 | |||||
| Net income (loss) attributable to Cabot Corporation | $ | 101 | $ | 109 | $ | 288 | $ | 243 | |||||
| Net earnings (loss) per share attributable to Cabot Corporation | $ | 1.86 | $ | 1.94 | $ | 5.22 | $ | 4.30 | |||||
| Less: Certain items after tax per share | $ | (0.04 | ) | $ | 0.02 | $ | (0.34 | ) | $ | (0.95 | ) | ||
| Adjusted EPS | $ | 1.90 | $ | 1.92 | $ | 5.56 | $ | 5.25 | |||||
Sean Keohane, Cabot President and Chief Executive Officer commented: “Despite a challenging demand environment, I am pleased with our third quarter financial performance as we delivered Adjusted Earnings Per Share of
Keohane continued, “During the third quarter, we delivered strong operating cash flow of
Financial Detail
For the third quarter of fiscal 2025, net income attributable to Cabot Corporation was
Segment Results
Reinforcement Materials – Third quarter fiscal 2025 EBIT in Reinforcement Materials decreased by
Global and regional volume changes for Reinforcement Materials for the third quarter of fiscal 2025 as compared to the same quarter of the prior year are set forth in the table below:
| Third Quarter Year-over-Year Change | |
| Global Reinforcement Materials Volumes | (8%) |
| Asia Pacific | ( |
| Europe, Middle East, Africa | |
| Americas | ( |
Performance Chemicals – Third quarter fiscal 2025 EBIT in Performance Chemicals increased by
Cash Performance – The Company ended the third quarter of fiscal 2025 with a cash balance of
Taxes – During the third quarter of fiscal 2025, the Company recorded a tax expense of
Outlook
Commenting on the outlook for the Company, Keohane said, "We are reaffirming the range of our Adjusted Earnings Per Share guidance for fiscal 2025 of
Keohane continued, “Despite the challenges brought on by the current macro-economic environment, we expect to deliver earnings growth in the fiscal year and strong operating cash flow. We remain focused on reducing costs, optimizing across our network and driving disciplined commercial execution. Our strong cash flow and balance sheet allows us to invest in strategic growth projects and return capital to shareholders. While the current economic environment is weaker than we expected at the beginning of our fiscal year, I am pleased with how the Cabot team is responding to this challenging environment.”
Earnings Call
The Company will host a conference call with industry analysts at 8:00 a.m. Eastern time on Tuesday, August 5, 2025. The call can be accessed through Cabot’s investor relations website at http://investor.cabot-corp.com
About Cabot Corporation
Cabot Corporation (NYSE: CBT) is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts. The company is a leading provider of reinforcing carbons, specialty carbons, battery materials, engineered elastomer composites, inkjet colorants, masterbatches and conductive compounds, fumed metal oxides and aerogel. For more information on Cabot, please visit the company’s website at cabotcorp.com. The Company regularly posts important information on its website and encourages investors and potential investors to consult the Cabot website regularly.
Forward-Looking Statements – This earnings release contains forward-looking statements. All statements that address expectations or projections about the future, including with respect to our expectations for our performance in fiscal year 2025, including our expectations for Adjusted EPS for fiscal 2025, our expectations for capital allocation and operating cash flow for fiscal 2025, our expected operating tax rate for fiscal 2025, and our assumptions underlying those expectations are forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, potentially inaccurate assumptions, and other factors, some of which are beyond our control and difficult to predict. If known or unknown risks materialize, or should underlying assumptions prove inaccurate, our actual results could differ materially from past results and from those expressed or implied by forward-looking statements. Important factors that could cause our results to differ materially from those expressed or implied in the forward-looking statements include, but are not limited to, industry capacity utilization and competition from other specialty chemical companies; safety, health and environmental requirements and related constraints imposed on our business; regulatory and financial risks related to climate change developments; volatility in the price and availability of energy and raw materials, including with respect to the Russian invasion of Ukraine and the U.S.-China trade relationship; a significant adverse change in a customer relationship or the failure of a customer to perform its obligations under agreements with us; failure to achieve growth expectations from new products, applications and technology developments; failure to realize benefits from acquisitions, alliances, or joint ventures or achieve our portfolio management objectives; unanticipated delays in, or increased cost of site development projects; negative or uncertain worldwide or regional economic conditions and market opportunities, including from trade relations, global health matters or geo-political conflicts; litigation or legal proceedings; interest rates, tax rates, currency exchange controls, tariffs and fluctuations in foreign currency rates; and the accuracy of the assumptions we used in establishing reserves for our share of liability for respirator claims. These factors are discussed more fully in the reports we file with the Securities and Exchange Commission (“SEC”), particularly under the heading “Risk Factors” in our annual report on Form 10-K for our fiscal year ended September 30, 2024, which are filed with the SEC at www.sec.gov. We assume no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.
Use of Non-GAAP Financial Measures
To supplement Cabot’s consolidated financial statements presented on a generally accepted accounting principle (“GAAP”) basis, the preceding discussion of our results and the accompanying financial tables report Adjusted EPS, Total Segment EBIT, Total Segment EBITDA, Adjusted EBITDA, our operating tax rate, Free Cash Flow and Discretionary Free Cash Flow, all of which are non-GAAP financial measures. These non-GAAP financial measures are not computed in accordance with, or as an alternative to, GAAP, and the definitions of these measures may not be comparable to those used by other companies. Reconciliations of Adjusted EPS to net income (loss) per share attributable to Cabot Corporation, the most directly comparable GAAP financial measure, Total Segment EBIT, Total Segment EBITDA, and Adjusted EBITDA to Income (loss) from operations before income taxes and equity in earnings of affiliated companies, the most directly comparable GAAP financial measure of each such non-GAAP measure, operating tax rate to effective tax rate, the most directly comparable GAAP financial measure and Free Cash Flow and Discretionary Free Cash Flow to Cash flow provided by (used in) operating activities, the most directly comparable GAAP financial measure, are provided in the tables titled “Cabot Corporation Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate” and “Cabot Corporation Reconciliation of Non-GAAP Financial Measures.”
Management believes these non-GAAP measures provide investors with greater transparency to the information used by Cabot management in its financial and operational decision-making, allow investors to see Cabot’s results through the eyes of management, and better enable Cabot’s investors to understand Cabot’s operating performance and financial condition.
Adjusted EPS. In calculating Adjusted EPS, we exclude from our net income (loss) attributable to Cabot Corporation items of expense and income that management does not consider representative of the Company’s business operations. Accordingly, reporting earnings on an adjusted basis supplements the GAAP measure of performance and provides additional information related to the underlying performance of the business. For example, certain of the items we exclude are items that we are required by GAAP to recognize in one period that relate to activities extending over several periods or relate to single events that management considers to be unusual and infrequent, although not necessarily non-recurring. We refer to these items as “certain items.” Management believes excluding these items facilitates operating performance comparisons from period to period by eliminating differences caused by the existence and timing of certain expense and income items that would not otherwise be apparent on a GAAP basis and evaluates the Company’s operating performance without the impact of these costs or benefits. Management also uses Adjusted EPS as a key measure in evaluating management performance for incentive compensation purposes.
The items of income and expense that we exclude from our calculations of Adjusted EPS but that are included in our GAAP net income (loss) per share, as applicable in a particular reporting period, include, but are not limited to, the following:
- Argentina controlled currency devaluation loss related to the foreign exchange loss from government-controlled currency devaluations on our net monetary assets denominated in the Argentine peso and investment losses related to the utilization of government bond programs established for the settlement of certain foreign payables.
- Global restructuring activities, which include costs or benefits associated with cost reduction initiatives or plant closures and are primarily related to (i) employee termination costs, (ii) asset impairment charges associated with restructuring actions, (iii) costs to close facilities, including environmental costs and contract termination penalties, and (iv) gains realized on the sale of land or equipment associated with restructured plants or locations.
- Legal and environmental matters and reserves, which consist of costs or benefits for matters typically related to former businesses or that are otherwise incurred outside of the ordinary course of business.
- Acquisition and integration-related charges, which include transaction costs, redundant costs incurred during the period of integration, and costs associated with transitioning certain management and business processes to Cabot’s processes.
- Asset impairment charges, which primarily include charges associated with an impairment of goodwill, other long-lived assets or assets held for sale.
- Gains (losses) on sale of a business.
- Employee benefit plan settlements, which consist of either charges or benefits associated with the termination of a pension plan or the transfer of a pension plan to a multi-employer plan.
Cabot does not provide an expected GAAP EPS range or reconciliation of the Adjusted EPS range with an expected GAAP EPS range because, without unreasonable effort, we are unable to predict with reasonable certainty the matters we would allocate to “certain items,” including unusual gains and losses, costs associated with future restructurings, acquisition-related expenses and litigation outcomes. These items are uncertain, depend on various factors, and could have a material impact on GAAP EPS in future periods.
Total Segment EBIT. Total Segment EBIT reflects the sum of EBIT from our two reportable segments. In calculating Total Segment EBIT we exclude from our Income (loss) from operations before income taxes and equity in earnings of affiliated companies, certain items and items that, because they are not controlled by the business segments and primarily benefit corporate objectives, are not allocated to our business segments, such as interest expense and other corporate costs, which include unallocated corporate overhead expenses such as certain corporate salaries and headquarter expenses, plus costs related to corporate projects and initiatives.
Total Segment EBITDA. Total Segment EBITDA is equal to Total Segment EBIT (as defined above), but further adjusted for depreciation and amortization.
Adjusted EBITDA. Adjusted EBITDA reflects Total Segment EBITDA and is further adjusted for unallocated corporate costs, which include unallocated corporate overhead expenses such as certain corporate salaries and headquarter expenses, plus costs related to corporate projects and initiatives.
Free Cash Flow. To calculate “Free Cash Flow” we deduct Additions to property, plant and equipment from cash flow provided by (used in) operating activities.
Discretionary Free Cash Flow. To calculate “Discretionary Free Cash Flow” we deduct sustaining and compliance capital expenditures and changes in Net Working Capital from cash flow provided by (used in) operating activities.
Operating Tax Rate. Our “operating tax rate” is calculated based upon management's forecast of the annual operating tax rate for the fiscal year applied to adjusted pre-tax earnings. The operating tax rate excludes income tax (expense) benefit on certain items, discrete tax items and, on a quarterly basis the timing of losses in certain jurisdictions. The income tax (expense) benefit on certain items is determined using the applicable rates in the taxing jurisdictions in which the certain items occurred and includes both current and deferred income tax (expense) benefit based on the nature of the certain items. Discrete tax items include, but are not limited to, changes in valuation allowance, uncertain tax positions, and other tax items, such as the tax impact of legislative changes and tax accruals on historic earnings due to changes in indefinite reinvestment assertions. Management believes that this non-GAAP financial measure is useful supplemental information because it helps our investors compare our tax rate year to year on a consistent basis and to understand what our tax rate on current operations would be without the impact of these items.
Cabot does not provide a forward-looking reconciliation of the operating tax rate range with an effective tax rate range because, without unreasonable effort, we are unable to predict with reasonable certainty the matters we would allocate to “certain items,” including unusual gains and losses, costs associated with future restructurings, acquisition-related expenses and litigation outcomes. These items are uncertain, depend on various factors, and could have a material impact on the effective tax rate in future periods.
Explanation of Terms Used
Product Mix. The term “product mix” refers to the mix of types and grade of products sold or the mix of geographic regions where products are sold, and the positive or negative impact this has on the revenue or profitability of the business or segment.
Net Working Capital. The term “net working capital” includes accounts receivable, inventory and accounts payable and accrued expenses.
| Third Quarter Earnings Announcement, Fiscal 2025 | |||||||||||||||
| CABOT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| Periods ended June 30 | Three Months | Nine Months | |||||||||||||
| Dollars in millions, except per share amounts (unaudited) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Net sales and other operating revenues | $ | 923 | $ | 1,016 | $ | 2,814 | $ | 2,993 | |||||||
| Cost of sales | 679 | 760 | 2,094 | 2,273 | |||||||||||
| Gross profit | 244 | 256 | 720 | 720 | |||||||||||
| Selling and administrative expenses | 62 | 68 | 192 | 210 | |||||||||||
| Research and technical expenses | 15 | 16 | 44 | 46 | |||||||||||
| Income (loss) from operations | 167 | 172 | 484 | 464 | |||||||||||
| Interest and dividend income | 7 | 8 | 20 | 25 | |||||||||||
| Interest expense | (19 | ) | (19 | ) | (56 | ) | (62 | ) | |||||||
| Other income (expense) | — | (3 | ) | 2 | (33 | ) | |||||||||
| Income (loss) from operations before income taxes and equity in earnings of affiliated companies | 155 | 158 | 450 | 394 | |||||||||||
| (Provision) benefit for income taxes | (43 | ) | (40 | ) | (133 | ) | (121 | ) | |||||||
| Equity in earnings of affiliated companies, net of tax | 1 | 2 | 5 | 5 | |||||||||||
| Net income (loss) | 113 | 120 | 322 | 278 | |||||||||||
| Net income (loss) attributable to noncontrolling interests, net of tax | 12 | 11 | 34 | 35 | |||||||||||
| Net income (loss) attributable to Cabot Corporation | $ | 101 | $ | 109 | $ | 288 | $ | 243 | |||||||
| Weighted-average common shares outstanding | |||||||||||||||
| Basic | 53.5 | 55.1 | 53.9 | 55.3 | |||||||||||
| Diluted | 53.8 | 55.7 | 54.4 | 55.8 | |||||||||||
| Earnings (loss) per common share: | |||||||||||||||
| Basic | $ | 1.87 | $ | 1.96 | $ | 5.27 | $ | 4.34 | |||||||
| Diluted | $ | 1.86 | $ | 1.94 | $ | 5.22 | $ | 4.30 | |||||||
| CABOT CORPORATION SUMMARY RESULTS BY SEGMENT | |||||||||||||||
| Periods ended June 30 | Three Months | Nine Months | |||||||||||||
| Dollars in millions, except per share amounts (unaudited) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Sales | |||||||||||||||
| Reinforcement Materials | $ | 573 | $ | 649 | $ | 1,778 | $ | 1,966 | |||||||
| Performance Chemicals | 320 | 332 | 942 | 928 | |||||||||||
| Segment sales | 893 | 981 | 2,720 | 2,894 | |||||||||||
| Unallocated and other (A) | 30 | 35 | 94 | 99 | |||||||||||
| Net sales and other operating revenues | $ | 923 | $ | 1,016 | $ | 2,814 | $ | 2,993 | |||||||
| Segment Earnings Before Interest and Taxes (B) | |||||||||||||||
| Reinforcement Materials | $ | 128 | $ | 136 | $ | 389 | $ | 414 | |||||||
| Performance Chemicals | 57 | 55 | 152 | 120 | |||||||||||
| Total Segment Earnings Before Interest and Taxes | 185 | 191 | 541 | 534 | |||||||||||
| Unallocated and Other | |||||||||||||||
| Interest expense | (19 | ) | (19 | ) | (56 | ) | (62 | ) | |||||||
| Certain items (C) | (3 | ) | (2 | ) | (13 | ) | (56 | ) | |||||||
| Unallocated corporate costs | (13 | ) | (16 | ) | (39 | ) | (51 | ) | |||||||
| General unallocated income (expense) (D) | 6 | 6 | 22 | 34 | |||||||||||
| Less: Equity in earnings of affiliated companies, net of tax | 1 | 2 | 5 | 5 | |||||||||||
| Income (loss) from operations before income taxes and equity in earnings of affiliated companies | 155 | 158 | 450 | 394 | |||||||||||
| (Provision) benefit for income taxes (including tax certain items) | (43 | ) | (40 | ) | (133 | ) | (121 | ) | |||||||
| Equity in earnings of affiliated companies, net of tax | 1 | 2 | 5 | 5 | |||||||||||
| Net income (loss) | 113 | 120 | 322 | 278 | |||||||||||
| Net income (loss) attributable to noncontrolling interests, net of tax | 12 | 11 | 34 | 35 | |||||||||||
| Net income (loss) attributable to Cabot Corporation | $ | 101 | $ | 109 | $ | 288 | $ | 243 | |||||||
| Diluted earnings (loss) per share of common stock attributable to Cabot Corporation | $ | 1.86 | $ | 1.94 | $ | 5.22 | $ | 4.30 | |||||||
| Adjusted earnings (loss) per share (E) | $ | 1.90 | $ | 1.92 | $ | 5.56 | $ | 5.25 | |||||||
| Diluted weighted average common shares outstanding | 53.8 | 55.7 | 54.4 | 55.8 | |||||||||||
(A) Unallocated and other reflects external shipping and handling fees, the impact of unearned revenue, and discounting charges for certain Notes receivable.
(B) Segment EBIT is a measure used by Cabot's Chief Operating Decision-Maker to measure consolidated operating results, assess segment performance and allocate resources. Segment EBIT includes Equity in earnings of affiliated companies, net of tax, Net income attributable to noncontrolling interests, net of tax, and discounting charges for certain Notes receivable.
(C) Details of Certain items are presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table.
(D) General unallocated income (expense) consists of gains (losses) arising from foreign currency transactions, net of other foreign currency risk management activities, Interest and dividend income, the profit or loss related to the corporate adjustment for unearned revenue and unrealized holding gains (losses) for investments. This does not include items of income or expense from the items that are separately treated as Certain items.
(E) Adjusted EPS is a non-GAAP measure, and a reconciliation of Adjusted EPS to GAAP EPS is presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table.
| CABOT CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||||
| June 30, | September 30, | ||||||
| Dollars in millions (unaudited) | 2025 | 2024 | |||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 239 | $ | 223 | |||
| Accounts and notes receivable, net of reserve for doubtful accounts of | 689 | 733 | |||||
| Inventories: | |||||||
| Raw materials | 145 | 150 | |||||
| Finished goods | 322 | 333 | |||||
| Other | 64 | 69 | |||||
| Total inventories | 531 | 552 | |||||
| Prepaid expenses and other current assets | 114 | 97 | |||||
| Total current assets | 1,573 | 1,605 | |||||
| Property, plant and equipment | 4,330 | 4,082 | |||||
| Accumulated Depreciation | (2,658 | ) | (2,548 | ) | |||
| Net property, plant and equipment | 1,672 | 1,534 | |||||
| Goodwill | 133 | 133 | |||||
| Equity affiliates | 15 | 23 | |||||
| Intangible assets, net | 56 | 53 | |||||
| Deferred income taxes | 207 | 216 | |||||
| Other assets | 181 | 172 | |||||
| Total assets | $ | 3,837 | $ | 3,736 | |||
| CABOT CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||||
| June 30, | September 30, | ||||||
| Dollars in millions, except share and per share amounts (unaudited) | 2025 | 2024 | |||||
| Current liabilities: | |||||||
| Short-term borrowings | $ | 100 | $ | 45 | |||
| Accounts payable and accrued liabilities | 596 | $ | 676 | ||||
| Income taxes payable | 34 | $ | 43 | ||||
| Current portion of long-term debt | 10 | $ | 8 | ||||
| Total current liabilities | 740 | 772 | |||||
| Long-term debt | 1,105 | 1,087 | |||||
| Deferred income taxes | 40 | 42 | |||||
| Other liabilities | 269 | 245 | |||||
| Stockholders' equity: | |||||||
| Preferred stock: | |||||||
| Authorized: 2,000,000 shares of | |||||||
| Issued and Outstanding: None and none | — | — | |||||
| Common stock: | |||||||
| Authorized: 200,000,000 shares of Issued: 53,334,316 and 54,430,316 shares Outstanding: 53,203,216 and 54,297,251 shares | 53 | 54 | |||||
| Less cost of 131,100 and 133,065 shares of common treasury stock | (3 | ) | (3 | ) | |||
| Additional paid-in capital | — | — | |||||
| Retained earnings | 1,846 | 1,734 | |||||
| Accumulated other comprehensive income (loss) | (355 | ) | (360 | ) | |||
| Total Cabot Corporation stockholders' equity | 1,541 | 1,425 | |||||
| Noncontrolling interests | 142 | 165 | |||||
| Total stockholders' equity | 1,683 | 1,590 | |||||
| Total liabilities and stockholders' equity | $ | 3,837 | $ | 3,736 | |||
| CABOT CORPORATION QUARTERLY RESULTS BY SEGMENT | ||||||||||||||||||||||||||||||
| Fiscal 2024 | Fiscal 2025 | |||||||||||||||||||||||||||||
| Dollars in millions, | ||||||||||||||||||||||||||||||
| except per share amounts (unaudited) | Dec. Q | Mar. Q | June Q | Sept. Q | FY | Dec. Q | Mar. Q | June Q | Sept. Q | FY | ||||||||||||||||||||
| Sales | ||||||||||||||||||||||||||||||
| Reinforcement Materials | $ | 641 | $ | 676 | $ | 649 | $ | 644 | $ | 2,610 | $ | 611 | $ | 594 | $ | 573 | $ | ― | $ | 1,778 | ||||||||||
| Performance Chemicals | 285 | 311 | 332 | 322 | 1,250 | 311 | 311 | 320 | — | 942 | ||||||||||||||||||||
| Segment sales | 926 | 987 | 981 | 966 | 3,860 | 922 | 905 | 893 | — | 2,720 | ||||||||||||||||||||
| Unallocated and other (A) | 32 | 32 | 35 | 35 | 134 | 33 | 31 | 30 | — | 94 | ||||||||||||||||||||
| Net sales and other operating revenues | $ | 958 | $ | 1,019 | $ | 1,016 | $ | 1,001 | $ | 3,994 | $ | 955 | $ | 936 | $ | 923 | $ | ― | $ | 2,814 | ||||||||||
| Segment Earnings Before Interest and Taxes (B) | ||||||||||||||||||||||||||||||
| Reinforcement Materials | $ | 129 | $ | 149 | $ | 136 | $ | 123 | $ | 537 | $ | 130 | $ | 131 | $ | 128 | $ | ― | $ | 389 | ||||||||||
| Performance Chemicals | 34 | 31 | 55 | 44 | 164 | 45 | 50 | 57 | — | 152 | ||||||||||||||||||||
| Total Segment Earnings Before Interest and Taxes | 163 | 180 | 191 | 167 | 701 | 175 | 181 | 185 | — | 541 | ||||||||||||||||||||
| Unallocated and Other | ||||||||||||||||||||||||||||||
| Interest expense | (22 | ) | (21 | ) | (19 | ) | (19 | ) | (81 | ) | (18 | ) | (19 | ) | (19 | ) | — | (56 | ) | |||||||||||
| Certain items (C) | (42 | ) | (12 | ) | (2 | ) | (3 | ) | (59 | ) | (6 | ) | (4 | ) | (3 | ) | — | (13 | ) | |||||||||||
| Unallocated corporate costs | (17 | ) | (18 | ) | (16 | ) | (17 | ) | (68 | ) | (13 | ) | (13 | ) | (13 | ) | — | (39 | ) | |||||||||||
| General unallocated income (expense) (D) | 13 | 15 | 6 | 8 | 42 | 7 | 9 | 6 | — | 22 | ||||||||||||||||||||
| Less: Equity in earnings of affiliated companies, net of tax | 1 | 2 | 2 | 1 | 6 | 1 | 3 | 1 | — | 5 | ||||||||||||||||||||
| Income (loss) from operations before income taxes and equity in earnings of affiliated companies | 94 | 142 | 158 | 135 | 529 | 144 | 151 | 155 | — | 450 | ||||||||||||||||||||
| (Provision) benefit for income taxes (including tax certain items) | (34 | ) | (47 | ) | (40 | ) | 10 | (111 | ) | (41 | ) | (49 | ) | (43 | ) | — | (133 | ) | ||||||||||||
| Equity in earnings of affiliated companies, net of tax | 1 | 2 | 2 | 1 | 6 | 1 | 3 | 1 | — | 5 | ||||||||||||||||||||
| Net income (loss) | 61 | 97 | 120 | 146 | 424 | 104 | 105 | 113 | — | 322 | ||||||||||||||||||||
| Net income (loss) attributable to noncontrolling interests, net of tax | 11 | 13 | 11 | 9 | 44 | 11 | 11 | 12 | — | 34 | ||||||||||||||||||||
| Net income (loss) attributable to Cabot Corporation | $ | 50 | $ | 84 | $ | 109 | $ | 137 | $ | 380 | $ | 93 | $ | 94 | $ | 101 | $ | ― | $ | 288 | ||||||||||
| Diluted earnings (loss) per share of common stock attributable to Cabot Corporation | $ | 0.88 | $ | 1.49 | $ | 1.94 | $ | 2.43 | $ | 6.72 | $ | 1.67 | $ | 1.69 | $ | 1.86 | $ | — | $ | 5.22 | ||||||||||
| Adjusted earnings (loss) per share (E) | $ | 1.56 | $ | 1.78 | $ | 1.92 | $ | 1.80 | $ | 7.06 | $ | 1.76 | $ | 1.90 | $ | 1.90 | $ | — | $ | 5.56 | ||||||||||
| Diluted weighted average common shares outstanding | 55.8 | 55.8 | 55.7 | 55.2 | 55.7 | 55.0 | 54.4 | 53.8 | — | 54.4 | ||||||||||||||||||||
(A) Unallocated and other reflects external shipping and handling fees, the impact of unearned revenue, and discounting charges for certain Notes receivable.
(B) Segment EBIT is a measure used by Cabot's Chief Operating Decision-Maker to measure consolidated operating results, assess segment performance and allocate resources. Segment EBIT includes Equity in earnings of affiliated companies, net of tax, Net income attributable to noncontrolling interests, net of tax, and discounting charges for certain Notes receivable.
(C) Details of certain items are presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table.
(D) General unallocated income (expense) consists of gains (losses) arising from foreign currency transactions, net of other foreign currency risk management activities, Interest and dividend income, the profit or loss related to the corporate adjustment for unearned revenue and unrealized holding gains (losses) for investments. This does not include items of income or expense from the items that are separately treated as Certain items.
(E) Adjusted EPS is a non-GAAP measure, and a reconciliation of Adjusted EPS to GAAP EPS is presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table.
| CABOT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||
| Periods ended June 30 | Three Months | Nine Months | |||||||||||||
| Dollars in millions (unaudited) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Cash Flows from Operating Activities: | |||||||||||||||
| Net income (loss) | $ | 113 | $ | 120 | $ | 322 | $ | 278 | |||||||
| Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||||||
| Depreciation and amortization | 39 | 36 | 114 | 114 | |||||||||||
| Other non-cash charges (gains), net | 13 | 10 | 38 | 81 | |||||||||||
| Cash dividends received from equity affiliates | 1 | — | 13 | 1 | |||||||||||
| Changes in assets and liabilities: | |||||||||||||||
| Changes in net working capital (A) | 101 | 43 | (13 | ) | 18 | ||||||||||
| Changes in other assets and liabilities, net | (18 | ) | (2 | ) | (28 | ) | (4 | ) | |||||||
| Cash provided by (used in) operating activities | 249 | 207 | 446 | 488 | |||||||||||
| Cash Flows from Investing Activities: | |||||||||||||||
| Additions to property, plant and equipment | (61 | ) | (52 | ) | (210 | ) | (149 | ) | |||||||
| Cash paid for asset acquisition | — | — | (27 | ) | — | ||||||||||
| Other investing activities, net | (4 | ) | 1 | (2 | ) | 3 | |||||||||
| Cash provided by (used in) investing activities | (65 | ) | (51 | ) | (239 | ) | (146 | ) | |||||||
| Cash Flows from Financing Activities: | |||||||||||||||
| Change in debt, net | (82 | ) | (45 | ) | 65 | (139 | ) | ||||||||
| Cash dividends paid to common stockholders | (24 | ) | (24 | ) | (71 | ) | (69 | ) | |||||||
| Other financing activities, net | (77 | ) | (62 | ) | (184 | ) | (118 | ) | |||||||
| Cash provided by (used in) financing activities | (183 | ) | (131 | ) | (190 | ) | (326 | ) | |||||||
| Effect of exchange rate changes on cash | 25 | (34 | ) | (1 | ) | (57 | ) | ||||||||
| Increase (decrease) in cash and cash equivalents | 26 | (9 | ) | 16 | (41 | ) | |||||||||
| Cash and cash equivalents at beginning of period | 213 | 206 | 223 | 238 | |||||||||||
| Cash and cash equivalents at end of period | $ | 239 | $ | 197 | $ | 239 | $ | 197 | |||||||
(A) Includes Accounts and notes receivable, Inventories, and Accounts payable and accrued liabilities.
| CABOT CORPORATION CERTAIN ITEMS AND RECONCILIATION OF ADJUSTED EPS AND OPERATING TAX RATE | |||||||||||||||||
| TABLE 1: DETAIL OF CERTAIN ITEMS | |||||||||||||||||
| Periods ended June 30 | Three Months | Nine Months | |||||||||||||||
| Dollars in millions, except per share amounts (unaudited) | 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Certain items before and after income taxes | |||||||||||||||||
| Global restructuring activities | $ | (3 | ) | $ | (1 | ) | $ | (6 | ) | $ | (13 | ) | |||||
| Legal and environmental matters and reserves | — | — | (6 | ) | (1 | ) | |||||||||||
| Argentina controlled currency devaluation and other losses | — | (2 | ) | — | (43 | ) | |||||||||||
| Other certain items | — | 1 | (1 | ) | 1 | ||||||||||||
| Total certain items, pre-tax | (3 | ) | (2 | ) | (13 | ) | (56 | ) | |||||||||
| Non-GAAP tax adjustments(A) | — | 3 | (6 | ) | 3 | ||||||||||||
| Total certain items after tax | $ | (3 | ) | $ | 1 | $ | (19 | ) | $ | (53 | ) | ||||||
| Total certain items after tax per share | $ | (0.04 | ) | $ | 0.02 | $ | (0.34 | ) | $ | (0.95 | ) | ||||||
| TABLE 2: CERTAIN ITEMS STATEMENT OF OPERATIONS LINE ITEM | |||||||||||||||||
| Periods ended June 30 | Three Months | Nine Months | |||||||||||||||
| Dollars in millions, Pre-Tax (unaudited) | 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Statement of Operations Line Item (B) | |||||||||||||||||
| Cost of sales | $ | (2 | ) | $ | ― | $ | (10 | ) | $ | (12 | ) | ||||||
| Selling and administrative expenses | (1 | ) | — | (2 | ) | (1 | ) | ||||||||||
| Research and technical expenses | — | — | (1 | ) | — | ||||||||||||
| Other income (expense) | — | (2 | ) | — | (43 | ) | |||||||||||
| Total certain items | $ | (3 | ) | $ | (2 | ) | $ | (13 | ) | $ | (56 | ) | |||||
| TABLE 3: RECONCILIATION OF EFFECTIVE TAX RATE TO OPERATING TAX RATE | |||||||||||||||||
| Three months ended June 30 | 2025 | 2024 | |||||||||||||||
| Dollars in millions (unaudited) | (Provision) / Benefit for Income Taxes | Rate | (Provision) / Benefit for Income Taxes | Rate | |||||||||||||
| Effective Tax Rate | $ | (43 | ) | 28 | % | $ | (40 | ) | 25 | % | |||||||
| Less: Non-GAAP tax adjustments(A) | — | 3 | |||||||||||||||
| Operating tax rate (C) (D) | $ | (43 | ) | 28 | % | $ | (43 | ) | 27 | % | |||||||
| Nine months ended June 30 | 2025 | 2024 | |||||||||||||||
| Dollars in millions (unaudited) | (Provision) / Benefit for Income Taxes | Rate | (Provision) / Benefit for Income Taxes | Rate | |||||||||||||
| Effective Tax Rate | $ | (133 | ) | 29 | % | $ | (121 | ) | 31 | % | |||||||
| Less: Non-GAAP tax adjustments(A) | (6 | ) | 3 | ||||||||||||||
| Operating tax rate (C) (D) | $ | (127 | ) | 28 | % | $ | (124 | ) | 28 | % | |||||||
| TABLE 4: RECONCILIATION OF ADJUSTED EPS BY QUARTER FOR FISCAL 2025 and FISCAL 2024 | |||||||||||||||||
| Fiscal 2025 (E) | |||||||||||||||||
| Periods ended (unaudited) | Dec. Q | Mar. Q | June Q | Sept. Q | FY 2025 | ||||||||||||
| Reconciliation of Adjusted EPS to GAAP EPS | |||||||||||||||||
| Net income (loss) per share attributable to Cabot Corporation | $ | 1.67 | $ | 1.69 | $ | 1.86 | $ | — | $ | 5.22 | |||||||
| Less: Certain items after tax per share | (0.09 | ) | (0.21 | ) | (0.04 | ) | — | (0.34 | ) | ||||||||
| Adjusted earnings (loss) per share | $ | 1.76 | $ | 1.90 | $ | 1.90 | $ | — | $ | 5.56 | |||||||
| Fiscal 2024 (E) | |||||||||||||||||
| Periods ended (unaudited) | Dec. Q | Mar. Q | June Q | Sept. Q | FY 2024 | ||||||||||||
| Reconciliation of Adjusted EPS to GAAP EPS | |||||||||||||||||
| Net income (loss) per share attributable to Cabot Corporation | $ | 0.88 | $ | 1.49 | $ | 1.94 | $ | 2.43 | $ | 6.72 | |||||||
| Less: Certain items after tax per share | (0.68 | ) | (0.29 | ) | 0.02 | 0.63 | (0.34 | ) | |||||||||
| Adjusted earnings (loss) per share | $ | 1.56 | $ | 1.78 | $ | 1.92 | $ | 1.80 | $ | 7.06 | |||||||
(A) Non-GAAP tax adjustments are made to arrive at the operating tax provision. It includes the income tax (expense) benefit on certain items, discrete tax items, and, on a quarterly basis the timing of losses in certain jurisdictions. The income tax (expense) benefit on certain items is determined using the applicable rates in the taxing jurisdictions in which the certain items occurred and includes both current and deferred income tax (expense) benefit based on the nature of the certain items. Discrete tax items include, but are not limited to, changes in valuation allowance, uncertain tax positions, and other tax items, such as the tax impact of legislative changes and tax accruals on historic earnings due to changes in indefinite reinvestment assertions.
(B) This table indicates the line items where certain items are recorded in the Consolidated Statements of Operations.
(C) The operating tax rate is calculated based upon management's forecast of the annual operating tax rate for the fiscal year applied to adjusted pre-tax earnings. The operating tax rate excludes income tax (expense) benefit on certain items, discrete tax items and, on a quarterly basis the timing of losses in certain jurisdictions.
(D) Our operating tax rate for fiscal 2025 is expected to be in the range of
(E) Per share amounts are calculated after tax.
| Third Quarter Earnings Announcement, Fiscal 2025 | |||||||||||||||||
| CABOT CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||||
| Fiscal 2025 (A) | |||||||||||||||||
| Dec. Q | Mar. Q | June Q | Sept. Q | FY 2025 | |||||||||||||
| Reconciliation of Adjusted EPS to GAAP EPS | |||||||||||||||||
| Net income (loss) per share attributable to Cabot Corporation | $ | 1.67 | $ | 1.69 | $ | 1.86 | $ | — | $ | 5.22 | |||||||
| Less: Certain items after tax per share | (0.09 | ) | (0.21 | ) | (0.04 | ) | — | (0.34 | ) | ||||||||
| Adjusted earnings (loss) per share | $ | 1.76 | $ | 1.90 | $ | 1.90 | $ | — | $ | 5.56 | |||||||
| Fiscal 2024 (A) | |||||||||||||||||
| Dec. Q | Mar. Q | June Q | Sept. Q | FY 2024 | |||||||||||||
| Reconciliation of Adjusted EPS to GAAP EPS | |||||||||||||||||
| Net income (loss) per share attributable to Cabot Corporation | $ | 0.88 | $ | 1.49 | $ | 1.94 | $ | 2.43 | $ | 6.72 | |||||||
| Less: Certain items after tax per share | (0.68 | ) | (0.29 | ) | 0.02 | 0.63 | (0.34 | ) | |||||||||
| Adjusted earnings (loss) per share | $ | 1.56 | $ | 1.78 | $ | 1.92 | $ | 1.80 | $ | 7.06 | |||||||
| (A) | Per share amounts are calculated after tax. | ||||||||||||||||
| Dollars in millions | Fiscal 2025 | ||||||||||||||||
| Dec. Q | Mar. Q | June Q | Sept. Q | FY 2025 | |||||||||||||
| Reconciliation of Total Segment EBIT, Total Segment EBITDA and Adjusted EBITDA to Net Income and Segment EBITDA Margin | |||||||||||||||||
| Net income (loss) attributable to Cabot Corporation | $ | 93 | $ | 94 | $ | 101 | $ | ― | $ | 288 | |||||||
| Net income (loss) attributable to noncontrolling interests | 11 | 11 | 12 | — | 34 | ||||||||||||
| Equity in earnings of affiliated companies, net of tax | (1 | ) | (3 | ) | (1 | ) | — | (5 | ) | ||||||||
| Provision (benefit) for income taxes | 41 | 49 | 43 | — | 133 | ||||||||||||
| Income (loss) from operations before income taxes and equity in earnings of affiliated companies | $ | 144 | $ | 151 | $ | 155 | $ | ― | $ | 450 | |||||||
| Interest expense | 18 | 19 | 19 | — | 56 | ||||||||||||
| Certain items | 6 | 4 | 3 | — | 13 | ||||||||||||
| Unallocated corporate costs | 13 | 13 | 13 | — | 39 | ||||||||||||
| General unallocated (income) expense | (7 | ) | (9 | ) | (6 | ) | — | (22 | ) | ||||||||
| Less: Equity in earnings of affiliated companies | (1 | ) | (3 | ) | (1 | ) | — | (5 | ) | ||||||||
| Total Segment EBIT | $ | 175 | $ | 181 | $ | 185 | $ | ― | $ | 541 | |||||||
| Depreciation and amortization excluding corporate depreciation and amortization | 37 | 38 | 39 | — | 114 | ||||||||||||
| Total Segment EBITDA | $ | 212 | $ | 219 | $ | 224 | $ | ― | $ | 655 | |||||||
| Less: Unallocated corporate costs before corporate depreciation and amortization | 13 | 13 | 13 | — | 39 | ||||||||||||
| Adjusted EBITDA | $ | 199 | $ | 206 | $ | 211 | $ | ― | $ | 616 | |||||||
| Dollars in millions | Dec. Q | Mar. Q | June Q | Sept. Q | FY 2025 | ||||||||||||
| Reinforcement Materials EBIT | $ | 130 | $ | 131 | $ | 128 | $ | ― | $ | 389 | |||||||
| Reinforcement Materials Depreciation and amortization | 17 | 17 | 18 | — | 52 | ||||||||||||
| Reinforcement Materials EBITDA | $ | 147 | $ | 148 | $ | 146 | $ | ― | $ | 441 | |||||||
| Reinforcement Materials Sales | $ | 611 | $ | 594 | $ | 573 | $ | ― | $ | 1,778 | |||||||
| Reinforcement Materials EBITDA Margin | 24 | % | 25 | % | 25 | % | — | % | 25 | % | |||||||
| Dollars in millions | Dec. Q | Mar. Q | June Q | Sept. Q | FY 2025 | ||||||||||||
| Performance Chemicals EBIT | $ | 45 | $ | 50 | $ | 57 | $ | ― | $ | 152 | |||||||
| Performance Chemicals Depreciation and amortization | 20 | 21 | 21 | — | 62 | ||||||||||||
| Performance Chemicals EBITDA | $ | 65 | $ | 71 | $ | 78 | $ | ― | $ | 214 | |||||||
| Performance Chemicals Sales | $ | 311 | $ | 311 | $ | 320 | $ | ― | $ | 942 | |||||||
| Performance Chemicals EBITDA Margin | 21 | % | 23 | % | 24 | % | — | % | 23 | % | |||||||
| Dollars in millions | Fiscal 2025 | ||||||||||||||||
| Reconciliation of Free Cash Flow and Discretionary Free Cash Flow to Cash provided by (used in) operating activities | Dec. Q | Mar. Q | June Q | Sept. Q | FY 2025 | ||||||||||||
| Cash provided by (used in) operating activities (B) | $ | 124 | $ | 73 | $ | 249 | $ | ― | $ | 446 | |||||||
| Less: Additions to property, plant and equipment | 77 | 72 | 61 | — | 210 | ||||||||||||
| Free cash flow | $ | 47 | $ | 1 | $ | 188 | $ | ― | $ | 236 | |||||||
| Plus: Additions to property, plant and equipment | 77 | 72 | 61 | — | 210 | ||||||||||||
| Less: Changes in net working capital (C) | (38 | ) | (76 | ) | 101 | — | (13 | ) | |||||||||
| Less: Sustaining and compliance capital expenditures | 48 | 39 | 34 | — | 121 | ||||||||||||
| Discretionary free cash flow | $ | 114 | $ | 110 | $ | 114 | $ | ― | $ | 338 | |||||||
| (B) | As provided in the Condensed Consolidated Statements of Cash Flows. | ||||||||||||||||
| (C) | Defined as changes in Accounts and notes receivable, Inventories, and Accounts payable and accrued liabilities as presented on the Condensed Consolidated Statements of Cash Flows. | ||||||||||||||||
Investor Contact: Steve Delahunt (617) 342-6255
FAQ
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