$CBT
CABOT CORP

2024 Q3 Form 10-Q Financial Statement

#000095017024091675 Filed on August 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $1.001B $1.016B
YoY Change 3.73% 4.96%
Cost Of Revenue $761.0M $760.0M
YoY Change 2.84% 2.01%
Gross Profit $240.0M $256.0M
YoY Change 6.67% 14.8%
Gross Profit Margin 23.98% 25.2%
Selling, General & Admin $73.00M $68.00M
YoY Change 5.8% 17.24%
% of Gross Profit 30.42% 26.56%
Research & Development $17.00M $16.00M
YoY Change 21.43% 6.67%
% of Gross Profit 7.08% 6.25%
Depreciation & Amortization $37.00M $36.00M
YoY Change 0.0% 0.0%
% of Gross Profit 15.42% 14.06%
Operating Expenses $90.00M $84.00M
YoY Change 8.43% 15.07%
Operating Profit $150.0M $172.0M
YoY Change 5.63% 14.67%
Interest Expense -$12.00M $19.00M
YoY Change 0.0% -20.83%
% of Operating Profit -8.0% 11.05%
Other Income/Expense, Net -$3.000M -$3.000M
YoY Change 0.0% 0.0%
Pretax Income $135.0M $158.0M
YoY Change 6.3% 21.54%
Income Tax -$10.00M $40.00M
% Of Pretax Income -7.41% 25.32%
Net Earnings $134.0M $109.0M
YoY Change -41.74% 32.93%
Net Earnings / Revenue 13.39% 10.73%
Basic Earnings Per Share $1.96
Diluted Earnings Per Share $2.42 $1.94
COMMON SHARES
Basic Shares Outstanding 54.82M 55.26M
Diluted Shares Outstanding 55.70M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $223.0M $197.0M
YoY Change -6.3% -10.45%
Cash & Equivalents $223.0M $197.0M
Short-Term Investments
Other Short-Term Assets $97.00M $109.0M
YoY Change -10.19% 6.86%
Inventory $552.0M $553.0M
Prepaid Expenses
Receivables $733.0M $732.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.605B $1.591B
YoY Change -1.29% -0.69%
LONG-TERM ASSETS
Property, Plant & Equipment $1.534B $1.430B
YoY Change 8.64% 4.84%
Goodwill $133.0M $132.0M
YoY Change -0.75% -2.94%
Intangibles
YoY Change
Long-Term Investments $23.00M $24.00M
YoY Change 15.0% 26.32%
Other Assets $172.0M $182.0M
YoY Change 0.0% 8.98%
Total Long-Term Assets $2.131B $1.989B
YoY Change 7.74% 11.43%
TOTAL ASSETS
Total Short-Term Assets $1.605B $1.591B
Total Long-Term Assets $2.131B $1.989B
Total Assets $3.736B $3.580B
YoY Change 3.66% 5.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $495.0M $626.0M
YoY Change 13.01% 10.21%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $45.00M $49.00M
YoY Change -74.14% -63.97%
Long-Term Debt Due $8.000M $8.000M
YoY Change 0.0% 14.29%
Total Short-Term Liabilities $772.0M $717.0M
YoY Change -6.08% -2.85%
LONG-TERM LIABILITIES
Long-Term Debt $1.087B $1.083B
YoY Change -0.64% -0.91%
Other Long-Term Liabilities $245.0M $244.0M
YoY Change 6.06% 6.09%
Total Long-Term Liabilities $1.332B $1.327B
YoY Change 0.53% 0.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $772.0M $717.0M
Total Long-Term Liabilities $1.332B $1.327B
Total Liabilities $2.104B $2.044B
YoY Change -2.0% -0.82%
SHAREHOLDERS EQUITY
Retained Earnings $1.734B $1.676B
YoY Change 10.17% 19.12%
Common Stock $54.00M $55.00M
YoY Change -1.82% -1.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.425B $1.346B
YoY Change
Total Liabilities & Shareholders Equity $3.736B $3.580B
YoY Change 3.66% 5.7%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $134.0M $109.0M
YoY Change -41.74% 32.93%
Depreciation, Depletion And Amortization $37.00M $36.00M
YoY Change 0.0% 0.0%
Cash From Operating Activities $204.0M $207.0M
YoY Change 47.83% -14.81%
INVESTING ACTIVITIES
Capital Expenditures $92.00M $52.00M
YoY Change 17.95% -35.0%
Acquisitions
YoY Change
Other Investing Activities $3.000M $1.000M
YoY Change 0.0% -80.0%
Cash From Investing Activities -$89.00M -$51.00M
YoY Change 18.67% -32.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -89.00M -131.0M
YoY Change 178.13% -18.63%
NET CHANGE
Cash From Operating Activities 204.0M 207.0M
Cash From Investing Activities -89.00M -51.00M
Cash From Financing Activities -89.00M -131.0M
Net Change In Cash 26.00M 25.00M
YoY Change -16.13% 257.14%
FREE CASH FLOW
Cash From Operating Activities $204.0M $207.0M
Capital Expenditures $92.00M $52.00M
Free Cash Flow $112.0M $155.0M
YoY Change 86.67% -4.91%

Facts In Submission

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<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">E. Contingencies</span></p><p style="font-size:10pt;margin-top:3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:'Calibri',sans-serif;font-style:italic;min-width:fit-content;">Respirator Liabilities</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">Cabot has exposure in connection with a safety respiratory products business that a subsidiary acquired from American Optical Corporation (“AO”) in an April 1990 asset purchase transaction. The subsidiary manufactured respirators under the AO brand and disposed of that business in July 1995. In connection with its acquisition of the business, the subsidiary agreed, in certain circumstances, to assume a portion of AO’s liabilities, including costs of legal fees together with amounts paid in settlements and judgments, allocable to AO respiratory products used prior to the 1990 purchase by the Cabot subsidiary. In exchange for the subsidiary’s assumption of certain of AO’s respirator liabilities, AO agreed to provide to the subsidiary the benefits of: (i) AO’s insurance coverage for the period prior to the 1990 acquisition and (ii) a former owner’s indemnity of AO holding it harmless from any liability allocable to AO respiratory products used prior to May 1982. As more fully described in the 2023 10-K, the respirator liabilities generally involve claims for personal injury, including asbestosis, silicosis and coal worker’s pneumoconiosis, allegedly resulting from the use of respirators that are alleged to have been negligently designed and/or labeled. At no time did this respiratory product line represent a significant portion of the respirator market. In addition to Cabot’s subsidiary, other parties are responsible for significant portions of the costs of these respirator liabilities (as defined in the 2023 10-K, the “Payor Group”).</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">Cabot has a reserve to cover its expected share of liabilities for pending and future respirator liability claims, which is included in Other liabilities and Accounts payable and accrued liabilities on the Consolidated Balance Sheets. The Company expects these liabilities to be incurred over a number of years.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">The reserve balance was </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:'Calibri',sans-serif;color:#000000;white-space:pre-wrap;min-width:fit-content;">37</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> million and $</span><span style="font-size:10pt;font-family:'Calibri',sans-serif;color:#000000;white-space:pre-wrap;min-width:fit-content;">38</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> million at </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">June 30, 2024 and September 30, 2023, respectively.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">The Company’s current estimate of the cost of its share of pending and future respirator liability claims is based on facts and circumstances existing at this time, including the number and nature of the remaining claims. Developments that could affect the Company’s estimate include, but are not limited to, (i) significant changes in the number of future claims, (ii) changes in the rate of dismissals without payment of pending claims, (iii) significant changes in the average cost of resolving claims, including potential settlements of groups of claims, (iv) significant changes in the legal costs of defending these claims, (v) changes in the nature of claims received or changes in our assessment of the viability of these claims, (vi) trial and appellate outcomes, (vii) changes in the law and procedure applicable to these claims, (viii) the financial viability of the parties that contribute to the payment of respirator claims, (ix) exhaustion or changes in the recoverability of the insurance coverage maintained by certain members of the Payor Group, or a change in the availability of the indemnity provided by a former owner of AO, (x) changes in the allocation of costs among the various parties paying legal and settlement costs, and (xi) a determination that the assumptions that were used to estimate Cabot’s share of liability are no longer reasonable. The Company cannot determine the impact of these potential developments on its current estimate of its share of liability for existing and future claims. Because reserves are limited to amounts that are probable and estimable as of a relevant measurement date, and there is inherent difficulty in projecting the impact of potential developments on Cabot’s share of liability for these existing and future claims, it is reasonably possible that the liabilities for existing and future claims could change in the near term and that change could be material.</span></p><p style="font-size:10pt;margin-top:4.5pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:4.5pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:4.5pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:4.5pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:4.5pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:4.5pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:'Calibri',sans-serif;font-style:italic;min-width:fit-content;">Other Matters</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:4.5pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">The Company has various other lawsuits, claims and contingent liabilities arising in the ordinary course of its business and with respect to its divested businesses. The Company does not believe that any of these matters will have a material adverse effect on its financial position; however, litigation is inherently unpredictable. Cabot could incur judgments, enter into settlements or revise its expectations regarding the outcome of certain matters, and such developments could have a material impact on its results of operations in the period in which the amounts are accrued or its cash flows in the period in which the amounts are paid.</span></p>
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