Cabot Q1 adjusted EPS $1.29 (+9% YoY); raises FY2022 guidance to $5.50-$5.90

CABOT CORP

2022-Q1 EPS reported -$1.57 revenue$968,000,000

Adjusted EPS of $1.29 (vs $1.18 YoY); GAAP net loss of $89M ($1.57 loss per share) on $968M revenue.
Reinforcement Materials EBIT $85M; Performance Chemicals EBIT $52M; Battery Materials volumes up 58% YoY.
Entered agreement to acquire Tokai Carbon plant in China; expects Purification Solutions divestiture close in Q2.
Returned $40M to shareholders via dividends ($21M) and buybacks ($19M); net debt/EBITDA 1.8x.
Raises FY2022 adjusted EPS outlook to $5.50-$5.90, up from prior range; sees strong discretionary free cash flow.

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