US Cabot Q3 net income rise 10% on higher sales, lower costs

31 July 2012 22:15  [Source: ICIS news]

HOUSTON (ICIS)--Cabot saw a 10% year-on-year increase in third-quarter net income, mainly as a result of higher sales and reduced costs, the US based carbon black producer said on Tuesday.

Cabot’s net income for the third quarter totalled $66m (€54m), up from $60m in the same quarter a year ago.

Sales increased just over 1% to $846m, from $836m in the third quarter of 2011.

Cost of sales decreased to $671m from $684m last year.

The company’s core rubber blacks segment saw sales decrease to $517m from $528m in the same quarter of 2011, yet earnings increased by $2m to $59m for the quarter.

The company said the lower sales volume was offset by higher prices and a favourable product mix.

Also on Tuesday, Cabot announced it has closed on its $1.1bn acquisition of activated carbon firm Norit.

The company said it will report Norit business results as a separate segment beginning in the fourth quarter.

By: Bobbie Clark
+1 713 525 2653

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