By Patrick Raleigh ERJ On-line news editor
Boston, Massachusetts-Cabot Corp. carbon black business has reported a $13-million increase in second quarter earnings, compared to the same period last year.
Stronger volumes, lower costs, and positive currency trends, which more than offset the effects of lower prices and higher feedstock costs,â€ Cabot said 27 April.
The carbon black unit is part of Cabot's Chemical Business segment, which reported an 87-percent year-on-year rise in second quarter earnings to $43 million. Chemical Business sales came in 13 percent higher at $399 million.
For the group as a whole, Cabot chairman and CEO Kennett Burnes reported â€œstrengthening demand across the businesses and an increased contribution from the 'excellence' initiatives which we began implementing last year to improve our overall operating performance.â€
Looking ahead, Burnes said, â€œWe are encouraged by the strengthening global economy, which, when combined with the progress of our 'excellence' initiatives â€¦ should provide us with opportunities to build upon our current strong performance despite continued high raw material costs.â€