Cabot Corporation announced results for its fourth quarter and full fiscal year 2014. Key Highlights: Delivered record adjusted EPS in fiscal 2014 representing a 17 percent increase over fiscal 2013; strong cash flow generation with fiscal 2014 cash flows from operating activities of $305 million; higher year-over-year volumes in Reinforcement Materials and Performance Materials drove improved fourth quarter performance; Completed sale of Security Materials business for $20 million.
Commenting on the results, Cabot president and CEO Patrick Prevost, said, “In fiscal 2014, we delivered $593 million of adjusted EBITDA through record-setting performance in Reinforcement Materials and Performance Materials. We also continued to focus on improving the competitiveness of our businesses through strategic expansions, the introduction of new products, and the execution of key business initiatives. Over the past year, we successfully commercialized our new carbon black plant in China and completed the acquisition of our partner’s share of our joint venture in Mexico. We saw the contribution from a number of new products, particularly for specialized applications such as adhesives, batteries, higher performance tires and toners.
We also completed the divestiture of our Security Materials business and received the final payment for the sale of our Supermetals business. We were successful at delivering earnings growth this year as we continued to focus on creating value for our shareholders.” Prevost continued, “We achieved another strong quarter of business performance in our fourth fiscal quarter. Volumes increased as compared to the prior year quarter in both the Reinforcement Materials and Performance Materials segments as we commercialized new capacity and new products and as demand in our key end markets improved. In Purification Solutions, the operations have stabilized and results improved primarily due to a benefit related to business interruption and property damage insurance recoveries.”