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)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections