Cabot Stock Price, News & Analysis

Cabot (NYSE: CBT) has been selected for an award negotiation of up to $50 million by the U.S. Department of Energy to support the development of a new U.S.-based manufacturing facility for battery-grade carbon nanotubes (CNTs) and conductive additive dispersions. This grant will cover nearly 30% of the total $181 million investment for the project.

The facility, to be located in Wayne County, Michigan, will be the first commercial-scale production site for these critical materials in the U.S., enhancing the domestic lithium-ion battery supply chain for electric vehicles and the electrical grid. Cabot plans to revitalize a former automotive site, creating hundreds of new construction and full-time manufacturing jobs. The company has partnered with several trade unions to support this project.

This investment aligns with Cabot's role in the energy transition, showcasing its commitment to providing innovative material solutions for battery technologies and the broader energy storage and management ecosystem.

Cabot (NYSE: CBT) reported strong third-quarter fiscal 2024 results, with diluted EPS of $1.94 and Adjusted EPS of $1.92, representing a 35% increase compared to the same quarter last year. The company's performance was driven by:

1. Reinforcement Materials segment EBIT of $136 million, up 3% year-over-year
2. Performance Chemicals segment EBIT of $55 million, up 72% compared to the same quarter in the prior year
3. Cash Flows from Operations of $207 million
4. Net sales of $1,016 million

Cabot raised its fiscal 2024 adjusted EPS guidance range to $7.00 to $7.10, reflecting strong year-to-date results and positive expectations for the fourth fiscal quarter. The company is on track to deliver greater than 30% year-over-year adjusted EPS growth.

Cabot (NYSE: CBT) has announced the release of its third quarter fiscal 2024 operating results on Monday, August 5, 2024, after market close. The company will host a conference call and live webcast to review the results on Tuesday, August 6, 2024, at 8:00 am (ET). Investors and interested parties can access the webcast through Cabot's website at https://cabotog.gcs-web.com/. For those unable to attend the live event, an archived version of the call and accompanying slide presentation will be available on the company's website.

Cabot has announced the election of Thierry Vanlancker to its Board of Directors, effective July 12, 2024. He will also join the Audit Committee. Vanlancker, formerly the CEO of AkzoNobel from 2017 to 2022, brings over 30 years of experience in the chemical sector. His previous roles include President of Fluoroproducts at Chemours and various positions at Dupont. He is currently serving on the boards of SIKA AG, Aliaxis SA, Stahl, and Etex NV, with significant leadership roles in each. Cabot's Non-Executive Chair, Michael M. Morrow, highlighted Vanlancker's extensive expertise in strategy, product development, and sustainability.

On July 12, 2024, Cabot (NYSE: CBT) announced a quarterly dividend of $0.43 per share. This dividend will be distributed on September 13, 2024, to shareholders who are on record by August 30, 2024. The consistent dividend highlights the company's commitment to returning value to its shareholders. Investors should note the record and payment dates to ensure eligibility for the dividend payout.

Cabot (NYSE: CBT) announced that 19 of its 20 carbon black facilities received recognition from the International Carbon Black Association (ICBA) for outstanding safety performance in 2023. Specifically, 18 facilities were awarded the gold award, while one received the bronze award. This recognition means Cabot secured over half of the awards granted industry-wide, including the highest percentage of gold-level awards.

Bart Kalkstein, executive vice president and president of Cabot’s Reinforcement Materials Segment and Americas Region, emphasized the company's dedication to health and safety. He praised the global teams for their efforts in ensuring workplace safety. The ICBA’s Safety Performance Recognition Program highlights facilities with excellent safety records and promotes best safety practices across the industry.

Cabot released its 2024 Sustainability Report detailing progress towards its 2025 Sustainability Goals.

Key achievements include industry-leading safety performance with a Total Recordable Incident Rate of 0.20, significant reductions in greenhouse gas emissions, and the launch of innovative products under the EVOLVE® Sustainable Solutions platform.

The report highlights the achievement of nine sustainability goals ahead of schedule and the company's acquisition of ISCC PLUS certification at seven sites globally.

Cabot continues to focus on reducing Scope 1 and Scope 2 GHG emissions and completed a comprehensive inventory of its Scope 3 emissions in 2023.

For more details, visit cabotcorp.com/sustainability.

Cabot (NYSE: CBT) has achieved Operation Clean Sweep (OCS) Europe certification at its masterbatch and compounding facilities in Pepinster and Loncin, Belgium. This certification underscores Cabot's commitment to sustainable plastic management, making it one of the first black masterbatch manufacturers in Europe to earn this recognition. The certification, advocated by industry associations Plastics Europe and the European Plastics Converters (EuPC), highlights Cabot's efforts to reduce plastic waste and prevent material spillage in the environment. Jeff Zhu, executive vice president, emphasized Cabot's proactive approach in minimizing plastic waste through stringent management practices. Since 2019, Cabot has supported OCS protocols, incorporating comprehensive plans for facility assessments, employee training, and continuous improvement in plastic management practices.

Cabot (NYSE: CBT) has been awarded a platinum rating by EcoVadis for the fourth consecutive year, placing it among the top 1% of over 130,000 companies assessed worldwide.

The rating recognizes Cabot's outstanding performance in environmental, social, and governance (ESG) efforts, particularly its sustainability management system and transparency across its value chain.

Cabot received the highest score of 'outstanding' in the environment category, reflecting its leadership in sustainability. The company also achieved improved scores from CDP, securing 'B' ratings in climate change and water security, and a 'B-' in supplier engagement.

Cabot's commitment to decarbonization, resource conservation, and the circular economy was emphasized by CEO Sean Keohane and Chief Sustainability Officer Martin O'Neill, who highlighted the company's continuous improvements and dedication to a more sustainable future.