Cabot Corp. (CBT) reported net income for the second quarter of $27 million or $0.42 per share, compared to $240 million or $3.70 per share for the year-ago quarter.
The latest quarter results include a per share charge of $0.21, principally for restructuring costs. The year-ago quarter results included $2.92 per share of income from discontinued operations as well as well as special items of $0.18 per share.
Excluding items, adjusted EPS for the second quarter was $0.63, compared to $0.96 in the prior year quarter.
Net sales for the second quarter declined to $842 million from $844 million a year ago.
Analysts polled Thomson Reuters expected the company to earn $0.69 per share on revenue of $892.50 million for the second quarter. Analysts' estimates typically exclude special items.
Commenting on the company's outlook, Cabot President and CEO Patrick Prevost, said, "We are now halfway through our three-year plan to achieve our adjusted EPS target of $5.00 in fiscal 2014. Our plan assumed mid-cycle economic conditions and growth in emerging markets. Due to the ongoing weakness in Europe and reduced growth rates in emerging markets, we believe it will take an additional year to meet our objectives and we are targeting $5.00 of adjusted EPS in fiscal 2015."
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