EPS to GAAP EPS is presented in the Certain Items and Reconciliation
of Adjusted EPS and Operating Tax Rate table.
CABOT CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
Periods ended September
30 Three Months Twelve Months
Dollars in millions
(unaudited) 2024 2023 2024 2023
----------------------- ---- ---- ---- ----
Cash Flows from
Operating Activities:
Net income (loss) $ 146 $ 246 $ 424 $ 484
Adjustments to
reconcile net
income to cash
provided by
operating
activities:
Depreciation and
amortization 37 37 151 144
Other non-cash
charges (gains),
net (36) (149) 45 (135)
Cash dividends
received from
equity
affiliates 1 -- 2 2
Changes in assets
and liabilities:
Changes in net
working capital
$(A)$ 39 1 57 97
Changes in other
assets and
liabilities,
net 17 3 13 3
---- ---- ---- ----
Cash
provided
by (used
in)
operating
activities 204 138 692 595
---- ---- ---- ----
Cash Flows from
Investing Activities:
Additions to
property, plant and
equipment (92) (78) (241) (244)
Proceeds from sale
of business -- -- -- 6
Other investing
activities, net 3 3 6 24
---- ---- ---- ----
Cash
provided
by (used
in)
investing
activities (89) (75) (235) (214)
---- ---- ---- ----
Cash Flows from
Financing Activities:
Change in debt, net (4) 42 (143) (179)
Cash dividends paid
to common
stockholders (24) (23) (93) (88)
Other financing
activities, net (61) (51) (179) (136)
---- ---- ---- ----
Cash
provided
by (used
in)
financing
activities (89) (32) (415) (403)
---- ---- ---- ----
Effect of exchange rate
changes on cash -- (13) (57) 54
---- ---- ---- ----
Increase (decrease) in
cash and cash
equivalents 26 18 (15) 32
Cash and cash
equivalents at
beginning of period 197 220 238 206
---- ---- ---- ----
Cash and cash
equivalents at end of
period $ 223 $ 238 $ 223 $ 238
==== ==== ==== ====
(A) Includes Accounts and notes receivable, Inventories, and Accounts
payable and accrued liabilities.
CABOT CORPORATION CERTAIN ITEMS AND RECONCILIATION OF ADJUSTED EPS AND OPERATING TAX
RATE
TABLE 1: DETAIL OF
CERTAIN ITEMS
-------------------- ------ --- ----- ------ --- ---- -----
Periods ended
September 30 Three Months Twelve Months
--------------------------- --------------------------
Dollars in millions,
except per share
amounts (unaudited) 2024 2023 2024 2023
Certain items before
and after income
taxes
--------------------
Argentina controlled
currency
devaluation and
other losses $ -- $ (7) $ (43) $ (7)
Global restructuring
activities -- (4) (13) (4)
Legal and
environmental
matters and
reserves (1) (8) (2) (10)
Acquisition and
integration-related
charges -- (2) -- (4)
Gain on sale of land -- -- -- 1
Loss on sale of
business -- -- -- (3)
Other Certain Items (2) (1) (1) (2)
------ ----- ------ ----
Total certain
items,
pre-tax (3) (22) (59) (29)
Non-GAAP tax
adjustments(A) 37 158 40 161
------ --- ----- ------ --- ----
Total
certain
items
after tax $ 34 $ 136 $ (19) $ 132
Total
certain
items
after tax
per share $ 0.63 $ 2.45 $ (0.34) $2.35
------ --- ----- ------ ----
TABLE 2: CERTAIN ITEMS STATEMENT OF OPERATIONS LINE ITEM
----------------------------------------------------------------------------------------
Periods ended
September 30 Three Months Twelve Months
--------------------------- --------------------------
Dollars in millions,
Pre-Tax (unaudited) 2024 2023 2024 2023
------ --- ----- ------ --- ----
Statement of
Operations Line
Item $(B)$
--------------------
Cost of sales $ (3) $ (6) $ (15) $ (10)
Selling and
administrative
expenses -- (8) (1) (8)
Other income
(expense) -- (8) (43) (8)
Loss on sale of
business -- -- -- (3)
------ --- ----- ------ --- ----
Total certain
items $ (3) $ (22) $ (59) $ (29)
------ ----- ------ ----
TABLE 3: RECONCILIATION OF EFFECTIVE
TAX RATE TO OPERATING TAX RATE
------------------------------------- ----- ------ --- ---- -----
Three months
September 30 2024 2023
----------------------- ----------------------
(Provision) / (Provision) /
Dollars in millions Benefit for Benefit for
(unaudited) Income Taxes Rate Income Taxes Rate
--------------- ---------- --------------- ---------
Effective Tax Rate $ 10 -7% $ 118 -93%
Less: Non-GAAP tax
adjustments(A) 37 158
------ --- ----- ------ --- ----
Operating tax rate
(C) $(D)$ $ (27) 20% $ (40) 27%
------ ----- ------ ----
Twelve months ended
September 30 2024 2023
----------------------- ----------------------
(Provision) / (Provision) /
Dollars in millions Benefit for Benefit for
(unaudited) Income Taxes Rate Income Taxes Rate
--------------- ---------- --------------- ---------
Effective Tax Rate $ (111) 21% $ 28 -6%
Less: Non-GAAP tax
adjustments(A) 40 161
------ --- ----- ------ --- ----
Operating tax rate
(C) (D) $ (151) 26% $ (133) 28%
------ ----- ------ ----
TABLE 4: RECONCILIATION OF ADJUSTED EPS BY
QUARTER FOR FISCAL 2024 and FISCAL 2023
------------------------------------------------- ------ --- ---- -----
Fiscal 2024 $(E)$
------------------------------------------------------------------
Periods ended
(unaudited) Dec. Q Mar. Q June Q Sept. Q FY 2024
--------------- ---------- --------------- --------- ---------
Reconciliation of
Adjusted EPS to
GAAP EPS
--------------------
Net income (loss)
per share
attributable to
Cabot Corporation $ 0.88 $ 1.49 $ 1.94 $2.43 $ 6.72
Less: Certain items
after tax per
share (0.68) (0.29) 0.02 0.63 (0.34)
------ ----- ------ --- ---- -----
Adjusted earnings
(loss) per share $ 1.56 $ 1.78 $ 1.92 $1.80 $ 7.06
Fiscal 2023 (E)
------------------------------------------------------------------
Periods ended
(unaudited) Dec. Q Mar. Q June Q Sept. Q FY 2023
--------------- ---------- --------------- --------- ---------
Reconciliation of
Adjusted EPS to
GAAP EPS
--------------------
Net income (loss)
per share
attributable to
Cabot Corporation $ 0.93 $ 1.29 $ 1.43 $4.10 $ 7.73
Less: Certain items
after tax per
share (0.05) (0.04) 0.01 2.45 2.35
------ ----- ------ --- ---- -----
Adjusted earnings
(MORE TO FOLLOW) Dow Jones Newswires
November 04, 2024 16:42 ET (21:42 GMT)
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