Cabot reports positive fourth quarter, fiscal year and announces dividend
Boston, MA – Cabot Corporation announced results for its fourth quarter and fiscal year 2022.
Fiscal fourth quarter Diluted EPS increased 228% and Adjusted EPS increased 40% year-over-year driven by higher segment EBIT
Fiscal 2022 segment EBIT increased 24% in Reinforcement Materials and 11% in Performance Chemicals year-over-year
Momentum in Battery Materials continued in the fiscal year:
Full year revenue up 74% to $132 million and EBITDA up 81% to $29 million
Signed a multi-year agreement with an American multinational automotive company
Fourth quarter cash flow from operations of $105 million; liquidity remained strong at approximately $1.1 billion
Sean Keohane, Cabot President and Chief Executive Officer commented: “This was an exceptional year in both financial results and strategic progress. Our teams around the world did a fantastic job navigating a challenging macroeconomic environment. We delivered record 2022 adjusted earnings per share that exceeded our prior year performance by 25 percent. Both segments delivered double digit year-over-year EBIT growth, and growth in Battery Materials continues to outpace the market. In addition, discretionary free cash flow reached a historical high of $395 million in the fiscal year, and we paid $84 million in dividends to shareholders and repurchased shares totaling $53 million.”
Keohane continued, “We also made important strategic investments, including a bolt-on acquisition in Battery Materials and capacity expansions in Battery Materials and Specialty Carbons. We streamlined the portfolio with the divestiture of our Purification Solutions business and continued to further our progress in ESG with the announcement of our ambition to achieve net zero emissions by 2050. I am extremely pleased with how the company has performed this year. We believe our record fiscal 2022 financial performance demonstrates the strength and resilience of our portfolio and progress against our Creating for Tomorrow strategy.”
For the fourth quarter of fiscal 2022, net income attributable to Cabot Corporation was $94 million ($1.64 per diluted common share). Net income reflects an after-tax per share benefit from certain items of $0.09. Adjusted EPS for the fourth quarter of fiscal 2022 was $1.55 per share.
On Thursday, November 10, 2022, the Board of Directors of Cabot Corporation declared a quarterly dividend of $0.37 per share on all outstanding shares of the Corporation’s common stock. The dividend is payable on December 9, 2022, to stockholders of record at the close of business on November 25, 2022.