Cabot Corporation - CBT STOCK NEWS

Cabot Corporation (NYSE: CBT) announced the launch of its EVOLVE™ Sustainable Solutions platform, which focuses on sustainable reinforcing carbons. This initiative aims to create products with sustainable content and reliable performance at an industrial scale, utilizing materials from end-of-life tires and renewable sources to reduce greenhouse gas emissions. The company introduced two ISCC PLUS certified products: VULCAN® 7H-C and STERLING® SO-RC110, enhancing its commitment to sustainability. Cabot targets net-zero emissions by 2050, emphasizing its role in developing sustainable materials for a circular economy.

Cabot Corporation (NYSE: CBT) has announced plans to establish a new technology center in Münster, Germany, aimed at enhancing collaboration with customers in the battery materials sector. This facility will focus on accelerating application innovation and is expected to commence operations by April 2023, with further expansion anticipated by 2024. The center will support advancements in lithium-ion battery technologies and facilitate partnerships with battery manufacturers, reflecting a commitment to meet the growing demand for electric vehicles (EVs) and battery production, which is projected to grow by 50% annually over the next four years.

Cabot Corporation (NYSE: CBT) has launched its E2C™ DX9660 solution, enhancing rubber durability with a 30% increase in abrasion resistance compared to conventional compounds. The new product is aimed at on-road commercial tire applications and industrial rubber products. A life cycle assessment (LCA) indicates that the E2C technology can significantly reduce greenhouse gas emissions during production and improve fuel efficiency. Key findings show potential GHG reductions of 5%-6% through lower rolling resistance and over 10% reduction in net emissions from tire production. Cabot is committed to sustainability, aligning with its 2025 goal of 100% of new products having a sustainability benefit.

Cabot Corporation (NYSE: CBT) reported its fiscal Q1 2023 results, achieving diluted EPS of $0.93 and adjusted EPS of $0.98. The Reinforcement Materials segment delivered an EBIT of $94 million, marking an 11% increase year-over-year. Future agreements in this segment are expected to generate an annualized EBIT improvement of approximately $100 million. The Battery Materials line saw a significant volume growth of 63%. Despite challenges from COVID-19 impacts and elevated destocking, management reaffirmed the fiscal 2023 outlook for adjusted EPS between $6.25 and $6.75. The company continues to focus on shareholder returns with $21 million in dividends and $17 million in share repurchases.

Cabot Corporation (NYSE: CBT) announced plans to invest approximately $200 million in the U.S. to expand its conductive carbon additives (CCA) capacity over the next five years. The first phase includes adding 15,000 metric tons of CCA annually at its Pampa, Texas facility, which is expected to create around 75 jobs and commence operations by the end of 2025. The investment aims to support the growing demand for EV batteries, projected to increase by 20-30% globally in the next five years. Cabot will also explore funding opportunities from government programs to enhance its production capacity.

On January 13, 2023, Cabot Corporation (NYSE: CBT) announced a quarterly dividend of $0.37 per share on its common stock. This dividend is scheduled for payment on March 10, 2023, to shareholders of record as of February 24, 2023. Cabot Corporation is a global leader in specialty chemicals and performance materials, known for its range of products including carbon black and engineered elastomer composites. The announcement reflects the company's commitment to return value to its shareholders while maintaining a robust portfolio in the specialty chemicals sector.

Cabot Corporation (NYSE: CBT) will release its first-quarter fiscal 2023 operating results on February 9, 2023, after market close. A conference call will follow on February 10, 2023, at 8:00 am ET for a review of these results. The call will be available via webcast on the company's website. Cabot Corporation is a global leader in specialty chemicals and performance materials, known for its innovative products in rubber and specialty carbons.

Cabot Corporation (NYSE: CBT) announced the promotion of three senior leaders to Executive Vice President: Hobart C. Kalkstein, Erica McLaughlin, and Jeff Zhu. Kalkstein oversees the Reinforcement Materials Segment, McLaughlin serves as CFO and Head of Corporate Strategy, and Zhu directs the Performance Chemicals Segment. CEO Sean Keohane praised their significant contributions and expressed excitement about their expanded roles in driving the company's growth strategy. This leadership enhancement is seen as a strategic move to bolster Cabot's performance and sustainability initiatives.