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Cabot (CBT) FY2023 results: revenue $3.9 billion, down 9.0% on the year

Cabot Corp. (CBT) reported revenue of $3.9 billion for fiscal 2023, the year ended 30 September 2023, down 9.0% on the year before. Net income was $445 million, up 112.9%, and diluted earnings per share $7.73. The figures are the company's own, from the 10-K it filed with the SEC on 22 November 2023.

Revenue
$3.9 billion
-9.0% on the year
FY2016FY2023
Operating margin
13.4%
9.0% a year earlier
FY2016FY2023
Net income
$445 million
+112.9% on the year
FY2016FY2023
Diluted EPS
$7.73
+113.5% on the year
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue3,9314,3213,409-9.0%
Cost of revenue3,0923,4362,610-10.0%
Gross profit839885799-5.2%
Gross margin21.3%20.5%23.4%
Research and development57.055.056.0+3.6%
Selling, general and administrative253258289-1.9%
Operating income526389454+35.2%
Operating margin13.4%9.0%13.3%
Interest expense90.056.049.0+60.7%
Pre-tax income451335406+34.6%
Income tax-28.0102123
Effective tax rate-6.2%30.4%30.3%
Net income445209250+112.9%
Net margin11.3%4.8%7.3%
Diluted EPS$7.73$3.62$4.34+113.5%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow595100257+495.0%
Capital expenditure244211195+15.6%
Free cash flow351-11162.0
Free cash flow margin8.9%-2.6%1.8%
Cash from investing-214-118-186
Cash from financing-403145-60.0
Depreciation and amortisation144146160-1.4%
Share-based compensation20.023.021.0-13.0%
Buybacks98.053.03.0+84.9%
Dividends paid88.084.080.0+4.8%
Dividend per share$1.54$1.48$1.40+4.1%
Diluted shares, weighted56m57m57m-0.7%
Shares outstanding at period end55m56m57m-1.8%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity1,264898947+40.8%
Non-controlling interest143134143+6.7%
Debt1,2761,4431,162-11.6%
Operating lease liabilities84.083.084.0+1.2%
Finance lease liabilities24.026.029.0-7.7%
Other liabilities813941941-13.6%
Total liabilities and equity3,6043,5253,306+2.2%
Fixed assets1,4121,2701,376+11.2%
Goodwill134129140+3.9%
Intangible assets60.063.0100-4.8%
Cash and equivalents238206168+15.5%
Inventory585664523-11.9%
Other assets1,1751,193999-1.5%
Total assets3,6043,5253,306+2.2%

10-K for the year ended 30 September 2023, filed 22 November 2023: the filing.