Company Quick10K Filing
Cabot
Price44.39 EPS3
Shares59 P/E14
MCap2,610 P/FCF7
Net Debt926 EBIT315
TEV3,536 TEV/EBIT11
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-Q 2019-12-31 Filed 2020-02-06
10-K 2019-09-30 Filed 2019-11-22
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-Q 2018-12-31 Filed 2019-02-08
10-K 2018-09-30 Filed 2018-11-21
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-Q 2017-12-31 Filed 2018-02-08
10-K 2017-09-30 Filed 2017-11-22
10-Q 2017-06-30 Filed 2017-08-07
10-Q 2017-03-31 Filed 2017-05-08
10-Q 2016-12-31 Filed 2017-02-07
10-K 2016-09-30 Filed 2016-11-23
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-06
10-Q 2015-12-31 Filed 2016-02-05
10-K 2015-09-30 Filed 2015-11-25
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-Q 2014-12-31 Filed 2015-02-05
10-K 2014-09-30 Filed 2014-11-26
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-07
10-Q 2013-12-31 Filed 2014-02-06
10-K 2013-09-30 Filed 2013-11-27
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-08
10-Q 2012-12-31 Filed 2013-02-08
10-K 2012-09-30 Filed 2012-11-29
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-07
10-Q 2011-12-31 Filed 2012-02-08
10-K 2011-09-30 Filed 2011-11-29
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-Q 2010-12-31 Filed 2011-02-09
10-K 2010-09-30 Filed 2010-11-29
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-Q 2009-12-31 Filed 2010-02-09
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-05-11
8-K 2020-04-28
8-K 2020-03-30
8-K 2020-03-12
8-K 2020-02-28
8-K 2020-02-03
8-K 2020-01-09
8-K 2019-11-07
8-K 2019-11-04
8-K 2019-10-11
8-K 2019-08-05
8-K 2019-06-20
8-K 2019-06-17
8-K 2019-05-22
8-K 2019-05-10
8-K 2019-05-06
8-K 2019-05-06
8-K 2019-03-07
8-K 2019-02-04
8-K 2019-01-30
8-K 2018-11-08
8-K 2018-11-05
8-K 2018-08-06
8-K 2018-07-18
8-K 2018-07-13
8-K 2018-06-27
8-K 2018-05-07
8-K 2018-04-23
8-K 2018-03-08
8-K 2018-02-06
8-K 2018-01-18

CBT 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 6. Exhibits
EX-10.1 cbt-ex101_72.htm
EX-10.2 cbt-ex102_73.htm
EX-31.1 cbt-ex311_7.htm
EX-31.2 cbt-ex312_8.htm
EX-32 cbt-ex32_6.htm

Cabot Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
4.53.62.71.80.90.02012201420172020
Assets, Equity
1.00.70.40.1-0.2-0.52012201420172020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

cbt-10q_20200630.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number 1-5667

 

Cabot Corporation

(Exact name of registrant as specified in its charter)

 

 

Delaware

04-2271897

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

Two Seaport Lane

Boston, Massachusetts

02210-2019

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (617) 345-0100

 

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, $1 par value per share

CBT

The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

  

Smaller reporting company

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

The Company had 56,461,543 shares of common stock, $1.00 par value per share, outstanding as of August 4, 2020.

 

 

 


 

INDEX

 

Part I.

Financial Information

 

 

 

 

 

 

Item 1.

Financial Statements (unaudited)

 

 

 

Consolidated Statements of Operations

3

 

 

Consolidated Statements of Comprehensive Income (Loss)

4

 

 

Consolidated Balance Sheets

5

 

 

Consolidated Statements of Cash Flows

7

 

 

Consolidated Statements of Changes in Stockholders’ Equity

8

 

 

Notes to the Consolidated Financial Statements

10

 

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

30

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

42

 

Item 4.

Controls and Procedures

42

 

 

 

Part II.

Other Information

 

 

Item 6.

Exhibits

43

 

2


 

Part I. Financial Information

Item 1.

Financial Statements

CABOT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

UNAUDITED

 

 

 

Three Months Ended June 30

 

 

Nine Months Ended June 30

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(In millions, except per share amounts)

 

Net sales and other operating revenues

 

$

518

 

 

$

845

 

 

$

1,955

 

 

$

2,510

 

Cost of sales

 

 

449

 

 

 

675

 

 

 

1,592

 

 

 

1,996

 

Gross profit

 

 

69

 

 

 

170

 

 

 

363

 

 

 

514

 

Selling and administrative expenses

 

 

52

 

 

 

65

 

 

 

230

 

 

 

208

 

Research and technical expenses

 

 

13

 

 

 

16

 

 

 

41

 

 

 

47

 

Specialty Fluids loss on sale and asset impairment

 

 

 

 

 

8

 

 

 

1

 

 

 

28

 

Income (loss) from operations

 

 

4

 

 

 

81

 

 

 

91

 

 

 

231

 

Interest and dividend income

 

 

1

 

 

 

2

 

 

 

7

 

 

 

6

 

Interest expense

 

 

(13

)

 

 

(14

)

 

 

(41

)

 

 

(43

)

Other income (expense)

 

 

(3

)

 

 

 

 

 

(6

)

 

 

(6

)

Income (loss) before income taxes

   and equity in earnings of affiliated companies

 

 

(11

)

 

 

69

 

 

 

51

 

 

 

188

 

(Provision) benefit for income taxes

 

 

5

 

 

 

(30

)

 

 

(9

)

 

 

(43

)

Equity in earnings of affiliated companies, net of tax

 

 

1

 

 

 

1

 

 

 

2

 

 

 

1

 

Net income (loss)

 

 

(5

)

 

 

40

 

 

 

44

 

 

 

146

 

Net income (loss) attributable to noncontrolling interests, net

   of tax

 

 

1

 

 

 

8

 

 

 

10

 

 

 

22

 

Net income (loss) attributable to Cabot Corporation

 

$

(6

)

 

$

32

 

 

$

34

 

 

$

124

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

56.5

 

 

 

58.2

 

 

 

56.7

 

 

 

59.1

 

Diluted

 

 

56.5

 

 

 

58.4

 

 

 

56.7

 

 

 

59.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.12

)

 

$

0.55

 

 

$

0.59

 

 

$

2.08

 

Diluted

 

$

(0.12

)

 

$

0.55

 

 

$

0.59

 

 

$

2.08

 

 

The accompanying notes are an integral part of these consolidated financial statements.

3


 

CABOT CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

UNAUDITED

 

 

 

Three Months Ended June 30

 

 

Nine Months Ended June 30

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(In millions)

 

Net income (loss)

 

$

(5

)

 

$

40

 

 

$

44

 

 

$

146

 

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment, net of tax

 

 

31

 

 

 

1

 

 

 

(4

)

 

 

(15

)

Derivatives: net investment hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Gains) losses reclassified to interest expense, net of tax

 

 

(1

)

 

 

(1

)

 

 

(3

)

 

 

(3

)

(Gains) losses excluded from effectiveness testing and amortized to interest expense, net of tax

 

 

 

 

 

1

 

 

 

1

 

 

 

1

 

Pension and other postretirement benefit liability adjustments, net of tax

 

 

1

 

 

 

1

 

 

 

2

 

 

 

23

 

Other comprehensive income (loss)

 

 

31

 

 

 

2

 

 

 

(4

)

 

 

6

 

Comprehensive income (loss)

 

 

26

 

 

 

42

 

 

 

40

 

 

 

152

 

Net income (loss) attributable to noncontrolling interests, net

   of tax

 

 

1

 

 

 

8

 

 

 

10

 

 

 

22

 

Foreign currency translation adjustment attributable to

   noncontrolling interests, net of tax

 

 

2

 

 

 

(2

)

 

 

2

 

 

 

 

Comprehensive income (loss) attributable to noncontrolling

   interests, net of tax

 

 

3

 

 

 

6

 

 

 

12

 

 

 

22

 

Comprehensive income (loss) attributable to Cabot Corporation

 

$

23

 

 

$

36

 

 

$

28

 

 

$

130

 

 

The accompanying notes are an integral part of these consolidated financial statements.

4


 

CABOT CORPORATION

CONSOLIDATED BALANCE SHEETS

ASSETS

UNAUDITED

 

 

 

June 30, 2020

 

 

September 30, 2019

 

 

 

(In millions)

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

162

 

 

$

169

 

Accounts and notes receivable, net of reserve for doubtful

   accounts of $2 and $3

 

 

362

 

 

 

530

 

Inventories:

 

 

 

 

 

 

 

 

Raw materials

 

 

88

 

 

 

107

 

Finished goods

 

 

250

 

 

 

305

 

Other

 

 

55

 

 

 

54

 

Total inventories

 

 

393

 

 

 

466

 

Prepaid expenses and other current assets

 

 

66

 

 

 

45

 

Total current assets

 

 

983

 

 

 

1,210

 

Property, plant and equipment, net

 

 

1,412

 

 

 

1,348

 

Goodwill

 

 

130

 

 

 

90

 

Equity affiliates

 

 

36

 

 

 

39

 

Intangible assets, net

 

 

102

 

 

 

96

 

Deferred income taxes

 

 

181

 

 

 

163

 

Other assets

 

 

175

 

 

 

58

 

Total assets

 

$

3,019

 

 

$

3,004

 

 

The accompanying notes are an integral part of these consolidated financial statements.

5


 

CABOT CORPORATION

CONSOLIDATED BALANCE SHEETS

LIABILITIES AND STOCKHOLDERS’ EQUITY

UNAUDITED

 

 

 

June 30, 2020

 

 

September 30, 2019

 

 

 

(In millions, except share

 

 

 

and per share amounts)

 

Current liabilities:

 

 

 

 

 

 

 

 

Short-term borrowings

 

$

13

 

 

$

33

 

Accounts payable and accrued liabilities

 

 

460

 

 

 

537

 

Income taxes payable

 

 

14

 

 

 

22

 

Current portion of long-term debt

 

 

7

 

 

 

7

 

Total current liabilities

 

 

494

 

 

 

599

 

Long-term debt

 

 

1,164

 

 

 

1,024

 

Deferred income taxes

 

 

41

 

 

 

41

 

Other liabilities

 

 

277

 

 

 

206

 

Commitments and contingencies (Note G)

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock:

 

 

 

 

 

 

 

 

Authorized: 2,000,000 shares of $1 par value

 

 

 

 

 

 

Issued and Outstanding: None and none

 

 

 

 

 

 

 

 

Common stock:

 

 

 

 

 

 

 

 

Authorized: 200,000,000 shares of $1 par value

 

 

 

 

 

 

 

 

Issued: 56,611,504 and 57,250,454 shares

 

 

 

 

 

 

 

 

Outstanding: 56,460,448 and 57,080,589 shares

 

 

57

 

 

 

57

 

Less cost of 151,056 and 169,865 shares of common treasury stock

 

 

(4

)

 

 

(5

)

Retained earnings

 

 

1,277

 

 

 

1,337

 

Accumulated other comprehensive income (loss)

 

 

(400

)

 

 

(391

)

Total Cabot Corporation stockholders' equity

 

 

930

 

 

 

998

 

Noncontrolling interests

 

 

113

 

 

 

136

 

Total stockholders' equity

 

 

1,043

 

 

 

1,134

 

Total liabilities and stockholders' equity

 

$

3,019

 

 

$

3,004

 

 

The accompanying notes are an integral part of these consolidated financial statements.

6


 

CABOT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED

 

 

 

Nine Months Ended June 30

 

 

 

2020

 

 

2019

 

 

 

(In millions)

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

44

 

 

$

146

 

Adjustments to reconcile net income (loss) to cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

117

 

 

 

110

 

Specialty Fluids loss on sale and asset impairment

 

 

 

 

 

28

 

Impairment of investment in equity affiliate

 

 

 

 

 

11

 

Deferred tax provision (benefit)

 

 

(20

)

 

 

(20

)

Employee benefit plan settlement

 

 

 

 

 

6

 

Equity in earnings of affiliated companies

 

 

(2

)

 

 

(1

)

Non-cash compensation

 

 

5

 

 

 

11

 

Other non-cash (income) expense

 

 

4

 

 

 

(2

)

Cash dividends received from equity affiliates

 

 

1

 

 

 

2

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts and notes receivable

 

 

172

 

 

 

6

 

Inventories

 

 

74

 

 

 

(14

)

Prepaid expenses and other assets

 

 

(25

)

 

 

(1

)

Accounts payable and accrued liabilities

 

 

(68

)

 

 

(65

)

Income taxes payable

 

 

(10

)

 

 

(24

)

Other liabilities

 

 

(14

)

 

 

(27

)

Cash provided (used) by operating activities

 

 

278

 

 

 

166

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(162

)

 

 

(155

)

Proceeds from sale of business, net of cash held in escrow of $— and $5

 

 

 

 

 

130

 

Acquisitions of businesses, net of cash acquired of $1 and $—

 

 

(92

)

 

 

(3

)

Other

 

 

2

 

 

 

(5

)

Cash provided (used) by investing activities

 

 

(252

)

 

 

(33

)

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

Borrowings under financing arrangements

 

 

 

 

 

29

 

Repayments under financing arrangements

 

 

 

 

 

(18

)

Proceeds from issuance (repayments) of commercial paper, net

 

 

(20

)

 

 

(176

)

Proceeds from long-term debt

 

 

444

 

 

 

344

 

Repayments of long-term debt

 

 

(334

)

 

 

(75

)

Repayments of redeemable preferred stock

 

 

 

 

 

(25

)

Purchases of common stock

 

 

(44

)

 

 

(144

)

Proceeds from sales of common stock

 

 

3

 

 

 

2

 

Cash dividends paid to noncontrolling interests

 

 

(26

)

 

 

(23

)

Cash dividends paid to common stockholders

 

 

(60

)

 

 

(60

)