Cabot Corporation (CBT) reported an increase in earnings for its second financial quarter, surpassing market predictions.
The firm reported a net profit of $84 million, equivalent to $1.49 per portion of stock. This is a rise compared to last year's second quarter, when the bottom line showed $75 million, or $1.29 per share.
After adjusting for specific factors, the company reported an adjusted income of $1.78 per share. This exceeded the average forecast by analysts, who had predicted an earning of $1.66 per share as per data collected by Thomson Reuters. It's important to note that analysts' estimates typically exclude exceptional items.
However, the company's revenue for the quarter experienced a slight drop of 1.9%, decreasing from last year's $1.03 billion to this year's $1.01 billion.
In summary, Cabot Corporation's performance at a glance (on a GAAP basis) was as follows:
The earnings for the second quarter stand at $84 million compared to last year's second quarter performance of $75 million.
Earnings per share for the same period also increased from last year's $1.29 to $1.49 this year.
Despite the increase in earnings, the company's revenue for the second quarter dipped slightly to $1.01 billion from last year's $1.03 billion.
