US Cabot Q4 income rises 36% on higher sales, lower expenses

29 October 2013 20:58  [Source: ICIS news]

HOUSTON (ICIS)--US-based carbon black producer Cabot reported on Tuesday that fiscal Q4 net income was $49m (€35m), up 36% from $36m reported for the same time last year because sales rose while administrative expenses fell.

The company reported Q4 sales of $898m, up 5.9% from $848m reported for the same time last year.

Meanwhile, cost of sales rose by 5.6%, reaching to $730m from $691m, the company said.

Selling and administrative expenses were $76m, down 12% from $86m reported for the same time last year.

Looking ahead, tyre demand is improving in Europe at a slow rate, said CEO Patrick Prevost. Carbon black is used to make tyres.

The company is seeing growth in South American and Asia, he said. The replacement-tyre market in North America is improving, but local production is under pressure from imports.

($1 = €0.72)

By: Al Greenwood
+1 713 525 2645

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