Cabot swings to $35m Q4 net profit as sales rise 23%

27 October 2010 13:59  [Source: ICIS news]

Cabot Corp sees profit swingTORONTO (ICIS)--Cabot swung to a $35m (€25m) fiscal 2010 fourth-quarter net profit, compared with a loss of $11m in the same quarter last year, as sales rose almost 23% to $749m, the US-based specialty chemicals producer said on Wednesday.

In a filing late on Tuesday, Cabot said that gross profit for the three months ended 30 September almost doubled to $134m.

Net income from continuing operations was $37m, compared with a loss of $8m in the same quarter last year.

The Boston, Massachusetts-based producer of carbon black, capacitor materials, fumed silica, cesium formate drilling fluids, inkjet colorants and aerogels reported higher sales and profits in all of its core business segments.

“This is our fourth consecutive quarter of strong performance,” said CEO Patrick Prevost.

“We are benefiting from having rebased our fixed costs and from our investments in new efficient capacity, energy centres and yield technology,” he said.

($1 = €0.72)

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By: Stefan Baumgarten
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