31 July 2013 22:33 [Source: ICIS news]
HOUSTON (ICIS)--US-based carbon-black producer Cabot reported on Wednesday that fiscal Q3 net income was $59m (€44m), down 11% from $66m reported for the same time last year because of higher expenses.
Q3 net sales were $903m, up 7% from $846m reported for the same time last year. Gross profit was $177m, up slightly year on year.
However, the company spent more on research and development, administrative expenses, and interest, all of which contributed to the drop in net income.
Also, the mercury-removal end market in North America is experiencing short-term challenges, which hurt the performance of Cabot's Purification Solutions segment, said CEO Patrick Prevost.
($1 = €0.75)
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