ERJ staff report (DS)
Boston, Massachusetts -- Cabot Corp. has announced net income of $36 million ($0.56 per diluted common share) for the first quarter of 2008,This is compared to net income of $54 million ($0.79 per diluted common share) for the first quarter of fiscal 2007. Cabot's results during the quarter were unfavorably impacted by approximately $17 million arising from the time lag of the feedstock related pricing adjustments in the Company's rubber blacks supply contracts and the immediate recognition of higher feedstock costs in North America.
In commenting, Patrick Prevost, Cabot's President and CEO, said, "In the Carbon Black Business, volumes grew solidly in the core product lines compared to the prior year, however, rapid raw material cost increases caused a decline in unit margins."
The company saw volume sales increase by 8 percent globally in the quarter, when compared with the same quarter a year ago. In the Americas, volume growth was 12 percent, while Asia-Pacific saw a 10 percent increase. Volumes in China rose by 8 percent, while volumes in Europe were flat.
This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.
Press release from Cabot