Cabot Q1 Profit Misses View, Lowers FY Outlook

(RTTNews) - Cabot Corp. (CBT) Monday reported first-quarter net income of $69 million or $1.14 per share, compared with last year's loss of $122 million or $1.98 per share last year.

Last year's bottom line reflect tax reforms, which impacted earnings by $2.91 per share.

Adjusted earnings for the quarter dropped to $0.87 per share from $0.93 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.93 per share.

Sales for the quarter rose to $821 million from $720 million last year. Analysts expected revenues of $766.96 million.

Looking forward to the full year 2019, Cabot now expects adjusted earnings of $4.20 to $4.60 per share, down from previous estimates of $4.35 to $4.75 per share. Analysts currently expect earnings of $4.61 per share.