Shares of Cabot Corporation (NYSE: CBT) surged by 9.31% in pre-market trading on Monday, November 6, 2024, after the company reported strong fiscal 2024 results and provided an upbeat outlook for the coming year.

Cabot, a leading global specialty chemicals and performance materials company, delivered impressive financial results for fiscal 2024. Adjusted earnings per share (EPS) grew by 31% year-over-year, driven by solid performance across both the reinforcement materials and performance chemicals segments.

The reinforcement materials segment, which includes carbon black and other products for the tire industry, saw an 11% increase in EBIT (earnings before interest and taxes) to $537 million. This growth was fueled by higher pricing and improved product mix in customer agreements for the 2024 calendar year.

Meanwhile, the performance chemicals segment, which serves various industries, including electronics and automotive, reported a 31% increase in EBIT to $164 million. This segment benefited from higher volumes and a more favorable product mix, as demand reconnected with underlying drivers in the second half of the fiscal year.