This is almost double its net income for the same fiscal period a year ago, in which a net income of US$24 million was achieved.
Commenting on the results, Cabot’s chairman and CEO Kennett F. Burnes said, "We are very pleased with our first-quarter financial results. They are strong results, driven in part by our continued attention to manufacturing efficiency, cost minimisation and profitable growth in emerging markets. In addition, for the first time in nearly two years, we experienced relief from carbon black feedstock costs, which positively impacted performance in both rubber blacks and performance products.”
During this most recent quarter, per-unit margins for rubber blacks and performance products increased as a result of both price increases and lower material costs, and the volume of rubber blacks supplied was 8% up on last year’s first quarter figures in spite of the Goodyear strike putting the brakes on North American supplies.