Cabot (CBT) Q3 FY2024 earnings: revenue $1.0 billion, up 5.0% on the year

Cabot Corp. (CBT) reported revenue of $1.0 billion for Q3 FY2024, the quarter ended 30 June 2024, up 5.0% on the same quarter a year earlier. Net income was $109 million, up 32.9% on the year, and diluted earnings per share $1.94. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2024.

Revenue$1.0 billionup 5.0%

Net income$109 millionup 32.9%

Diluted EPS$1.94

QuarterQ3 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	1,016	1,019	n/a	n/a
Cost of revenue	760	773	n/a	n/a
Gross profit	256	246	n/a	n/a
Gross margin	25.2%	24.1%	n/a
Research and development	16.0	15.0	n/a	n/a
Selling, general and administrative	68.0	75.0	n/a	n/a
Operating income	172	156	n/a	n/a
Operating margin	16.9%	15.3%	n/a
Interest expense	19.0	21.0	n/a	n/a
Pre-tax income	158	142	n/a	n/a
Income tax	40.0	47.0	n/a	n/a
Effective tax rate	25.3%	33.1%	n/a
Net income	109	84.0	n/a	n/a
Net margin	10.7%	8.2%	n/a
Diluted EPS	$1.94	$1.49	n/a	n/a

$ million except per share.

Free 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 and capital returned

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	207	176	n/a	n/a
Capital expenditure	52.0	43.0	n/a	n/a
Free cash flow	155	133	n/a	n/a
Free cash flow margin	15.3%	13.1%	n/a
Cash from investing	-51.0	-41.0	n/a	n/a
Cash from financing	-131	-166	n/a	n/a
Depreciation and amortisation	36.0	37.0	n/a	n/a
Share-based compensation	6.0	7.0	n/a	n/a
Buybacks	49.0	24.0	n/a	n/a
Dividends paid	24.0	23.0	n/a	n/a
Dividend per share	$0.43	$0.40	n/a	n/a
Diluted shares, weighted	56m	56m	n/a	n/a
Shares outstanding at period end	55m	55m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Shareholders' equity	1,346	1,367	n/a	n/a
Non-controlling interest	150	140	n/a	n/a
Short-term borrowings	49.0	88.0	n/a	n/a
Debt	1,083	1,088	n/a	n/a
Other liabilities	952	913	n/a	n/a
Total liabilities and equity	3,580	3,596	n/a	n/a
Fixed assets	1,430	1,427	n/a	n/a
Goodwill	132	137	n/a	n/a
Intangible assets	55.0	59.0	n/a	n/a
Cash and equivalents	197	206	n/a	n/a
Inventory	553	551	n/a	n/a
Other assets	1,213	1,216	n/a	n/a
Total assets	3,580	3,596	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	965	958	1,019	1,016	1,001	955	936	923	899	849	904	982
Cost of revenue	740	740	773	760	761	720	695	679	679	638	694	798
Gross profit	225	218	246	256	240	235	241	244	220	211	210	184
Gross margin	23%	23%	24%	25%	24%	25%	26%	26%	24%	25%	23%	19%
R&D	14.0	15.0	15.0	16.0	17.0	14.0	15.0	15.0	15.0	13.0	14.0	13.0
SG&A	69.0	67.0	75.0	68.0	73.0	66.0	64.0	62.0	68.0	69.0	67.0	73.0
Operating income	142	136	156	172	150	155	162	167	137	129	129	98.0
Operating margin	15%	14%	15%	17%	15%	16%	17%	18%	15%	15%	14%	10%
Interest expense	21.0	22.0	21.0	19.0	19.0	18.0	19.0	19.0	20.0	18.0	18.0	18.0
Pre-tax income	127	94.0	142	158	135	144	151	155	115	118	120	58.0
Tax rate	-93%	36%	33%	25%	-7%	28%	32%	28%	55%	31%	37%	79%
Net income	234	50.0	84.0	109	137	93.0	94.0	101	43.0	73.0	68.0	6.0
Net margin	24%	5%	8%	11%	14%	10%	10%	11%	5%	9%	8%	1%
Diluted EPS	$4.10	$0.88	$1.49	$1.94	$2.41	$1.67	$1.69	$1.86	$0.80	$1.37	$1.27	$0.12
Operating cash flow	138	105	176	207	204	124	73.0	249	219	126	77.0	75.0
Capital expenditure	78.0	54.0	43.0	52.0	92.0	77.0	72.0	61.0	64.0	69.0	45.0	38.0
Free cash flow	60.0	51.0	133	155	112	47.0	1.0	188	155	57.0	32.0	37.0
Buybacks	50.0	33.0	24.0	49.0	66.0	42.0	47.0	40.0	39.0	52.0	49.0	0.0
Dividends paid	23.0	22.0	23.0	24.0	24.0	24.0	23.0	24.0	25.0	24.0	24.0	24.0
Shares outstanding	55m	55m	55m	55m	54m	54m	54m	53m	53m	52m	52m	52m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 6 August 2024, accession 0000950170-24-091675: the filing on EDGAR. All of Cabot Corp.'s filings: EDGAR company page.

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