Cabot reports loss as revenues rise
From Staff and Wire Reports
Feb. 7, 2018 at 12:02 a.m.
Cabot Corp., whose Cabot Norit Americas division operates a plant in Marshall, on Tuesday reported a first quarter loss as revenues rose.
The Boston company said it had a net loss of $122 million, or a loss of $1.98 per diluted share, down from net income of $55 million, or 86 cents per share, a year ago.
Revenues rose to $720 million, up 17.8 percent from $611 million a year ago.
The company said the losses included an after-tax charge of $180 million from items predominantly comprised of the after-tax charge associated with federal tax breaks signed into law in December.
Earnings adjusted for pretax expenses and nonrecurring costs were 93 cents per share.
The results topped Wall Street expectations, with the average estimate of six analysts surveyed by Zacks Investment Research for earnings of 78 cents per share.
Cabot shares have increased 4 percent since the start of the year. In the final minutes of trading Tuesday, shares hit $64.13, up 12 percent in the past 12 months.
Cabot issued the earnings report about three months after it announced it would eliminate about 40 jobs at its activated carbon plant in Marshall. The plant had about 140 employees before the layoffs.