Welcome to our dedicated page for Cabot news (Ticker: CBT), a resource for investors and traders seeking the latest updates and insights on Cabot stock.
Cabot Corporation reports developments as a global specialty chemicals and performance materials company serving tire, industrial, battery, coatings, inkjet and advanced-materials markets. Its recurring updates focus on the Reinforcement Materials segment, which supplies reinforcing carbon products for tires and industrial rubber applications, and the Performance Chemicals segment, which includes specialty carbons, specialty compounds, fumed metal oxides, battery materials, inkjet colorants and aerogel.
Company news also covers quarterly operating results, segment EBIT trends, common stock dividends, supply agreements for lithium-ion battery applications, and manufacturing footprint actions. Cabot’s completed acquisition of Mexico Carbon Manufacturing expanded its reinforcing carbon capacity, while EVOLVE Sustainable Solutions updates describe circular reinforcing carbon production capabilities in major regions.
Cabot (NYSE: CBT) reported strong fourth quarter and fiscal year 2024 results. Q4 Diluted EPS reached $2.43 with Adjusted EPS of $1.80, representing a 9% increase year-over-year. Fiscal year 2024 showed impressive performance with Diluted EPS of $6.72 and Adjusted EPS of $7.06, marking a 31% increase from the previous year. The company generated $692 million in operating cash flow, enabling $241 million in capital investments, $93 million in dividends, and $172 million in share repurchases. Notable achievements include reaching the top end of their 2021 Investor Day target for Adjusted EPS CAGR and securing a $50 million DOE award for a battery-grade carbon nanotubes facility.
Cabot (NYSE: CBT) has announced its upcoming 2024 Investor Day, scheduled for Wednesday, December 4, 2024, at 9:00 a.m. Eastern Time. The event will take place at The Westin Boston Seaport District in Boston, Massachusetts, with a virtual attendance option available.
President and CEO Sean D. Keohane, along with the executive management team, will present insights on the company's strategy, growth initiatives, sustainability leadership, and long-term financial targets. Attendees can register for in-person or virtual participation through a provided link.
The event will feature a live webcast with video, audio, and presentation slides, accessible on cabotcorp.com/investors. Virtual attendees will have the opportunity to participate in Q&A sessions. A replay of the webcast will be available after the event on the company's website.
Cabot (NYSE: CBT) has announced that it will release its fourth quarter fiscal 2024 operating results on Monday, November 4, 2024, after the market closes. The company will host a conference call and live webcast to discuss these results on Tuesday, November 5, 2024, starting at 8:00 am (ET).
The webcast will be facilitated by Notified and can be accessed through Cabot's website at https://cabotog.gcs-web.com/. For those unable to participate in the live event, the call and accompanying slide presentation will be archived on the company's website for later viewing.
Cabot (NYSE: CBT) has been selected for an award negotiation of up to $50 million by the U.S. Department of Energy to support the development of a new U.S.-based manufacturing facility for battery-grade carbon nanotubes (CNTs) and conductive additive dispersions. This grant will cover nearly 30% of the total $181 million investment for the project.
The facility, to be located in Wayne County, Michigan, will be the first commercial-scale production site for these critical materials in the U.S., enhancing the domestic lithium-ion battery supply chain for electric vehicles and the electrical grid. Cabot plans to revitalize a former automotive site, creating hundreds of new construction and full-time manufacturing jobs. The company has partnered with several trade unions to support this project.
This investment aligns with Cabot's role in the energy transition, showcasing its commitment to providing innovative material solutions for battery technologies and the broader energy storage and management ecosystem.
Cabot (NYSE: CBT) reported strong third-quarter fiscal 2024 results, with diluted EPS of $1.94 and Adjusted EPS of $1.92, representing a 35% increase compared to the same quarter last year. The company's performance was driven by:
1. Reinforcement Materials segment EBIT of $136 million, up 3% year-over-year
2. Performance Chemicals segment EBIT of $55 million, up 72% compared to the same quarter in the prior year
3. Cash Flows from Operations of $207 million
4. Net sales of $1,016 million
Cabot raised its fiscal 2024 adjusted EPS guidance range to $7.00 to $7.10, reflecting strong year-to-date results and positive expectations for the fourth fiscal quarter. The company is on track to deliver greater than 30% year-over-year adjusted EPS growth.
Cabot (NYSE: CBT) has announced the release of its third quarter fiscal 2024 operating results on Monday, August 5, 2024, after market close. The company will host a conference call and live webcast to review the results on Tuesday, August 6, 2024, at 8:00 am (ET). Investors and interested parties can access the webcast through Cabot's website at https://cabotog.gcs-web.com/. For those unable to attend the live event, an archived version of the call and accompanying slide presentation will be available on the company's website.
Cabot has announced the election of Thierry Vanlancker to its Board of Directors, effective July 12, 2024. He will also join the Audit Committee. Vanlancker, formerly the CEO of AkzoNobel from 2017 to 2022, brings over 30 years of experience in the chemical sector. His previous roles include President of Fluoroproducts at Chemours and various positions at Dupont. He is currently serving on the boards of SIKA AG, Aliaxis SA, Stahl, and Etex NV, with significant leadership roles in each. Cabot's Non-Executive Chair, Michael M. Morrow, highlighted Vanlancker's extensive expertise in strategy, product development, and sustainability.
On July 12, 2024, Cabot (NYSE: CBT) announced a quarterly dividend of $0.43 per share. This dividend will be distributed on September 13, 2024, to shareholders who are on record by August 30, 2024. The consistent dividend highlights the company's commitment to returning value to its shareholders. Investors should note the record and payment dates to ensure eligibility for the dividend payout.
Cabot (NYSE: CBT) announced that 19 of its 20 carbon black facilities received recognition from the International Carbon Black Association (ICBA) for outstanding safety performance in 2023. Specifically, 18 facilities were awarded the gold award, while one received the bronze award. This recognition means Cabot secured over half of the awards granted industry-wide, including the highest percentage of gold-level awards.
Bart Kalkstein, executive vice president and president of Cabot’s Reinforcement Materials Segment and Americas Region, emphasized the company's dedication to health and safety. He praised the global teams for their efforts in ensuring workplace safety. The ICBA’s Safety Performance Recognition Program highlights facilities with excellent safety records and promotes best safety practices across the industry.
Cabot released its 2024 Sustainability Report detailing progress towards its 2025 Sustainability Goals.
Key achievements include industry-leading safety performance with a Total Recordable Incident Rate of 0.20, significant reductions in greenhouse gas emissions, and the launch of innovative products under the EVOLVE® Sustainable Solutions platform.
The report highlights the achievement of nine sustainability goals ahead of schedule and the company's acquisition of ISCC PLUS certification at seven sites globally.
Cabot continues to focus on reducing Scope 1 and Scope 2 GHG emissions and completed a comprehensive inventory of its Scope 3 emissions in 2023.
For more details, visit cabotcorp.com/sustainability.