Cabot reports Q2 FY 2020 results
On Monday, Cabot Corporation reported results for its Q2 FY2020. Net sales declined to $710 million for the quarter ended March 31, 2020 from $844 million in the same quarter of FY2019, a drop of 16%. In Reinforcement Materials, volumes decreased 14% year-over-year as the COVID-19 pandemic impacted demand. The impact was most pronounced in Asia but impacted both Americas and EMEA demand at the end of the quarter. Offsetting the lower volumes were higher margins due to pricing and mix benefits in both the tire and industrial product lines. Net sales in the Reinforcement Materials business totaled $355 million for 2Q FY2020, down 20% from $445 million in the same quarter of 2019.
Changes in Reinforcement Materials volumes (Q2 2020 YOY change):
Global: -14%
Asia: -20%
Europe, Middle East, Africa: -13%
Americas: -8%
Performance Chemicals saw net sales of $245 million in Q2 FY2020, down 3.5% from $254 million in the same quarter of 2019.
Cabot held its earnings conference call on the results earlier today.
Comments