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.
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