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CABOT ANNOUNCES SECOND QUARTER OPERATING RESULTS

 CABOT ANNOUNCES SECOND QUARTER OPERATING RESULTS
 BOSTON, April 27 /PRNewswire/ -- Cabot Corporation (NYSE: CBT) today reported income of $22 million, or $1.15 per common share, from its continuing operations for its second quarter ended March 31, 1992, compared with income of $15.5 million, or 60 cents per common share, in the same quarter a year ago. Net sales and other operating revenues for Cabot's continuing operations rose modestly to $417.9 million from $410.8 million last year.
 For the six months ended March 31, 1992, Cabot reported income of $38.6 million, or $2.01 per common share, compared with $29.3 million, or $1.13 per share, last year. Net sales for continuing operations were $802.7 million. vs. $811.2 million last year.
 Cabot's total operating profit advanced 33 percent despite limited growth in sales. Cabot Chairman Samuel W. Bodman commented, "The margin improvement largely reflects our efforts to manage costs better. In fact, the operating environments for many of our businesses have shown only modest signs of improvement. During the quarter, product shipments and order rates were somewhat higher, but continuing pressure on margins remains a concern."
 "Although pleased with the strong earnings performance posted by Cabot, Bodman expressed a note of caution adding, "Persistent economic problems throughout the world temper our expectations for the remainder of the year. In addition, our first-half fiscal year earnings have historically exceeded second-half earnings. Nevertheless, we are gratified with the results achieved this quarter and credit the improvement to the management changes, cost reduction efforts, and financial and operating restructuring that have been our focus for several years."
 Cabot's total operating profit from continuing operations increased $14 million to $56.9 million from $42.9 million last year. Operating profit in the company's Specialty Chemicals and Materials Group rose 28 percent to $45.1 million from $35.1 million reflecting increased volumes and the benefit of cost reductions achieved. Second quarter operating profit in Cabot's Energy Group rose 51 percent to $11.8 million from $7.8 million due principally to better operating conditions for the company's LNG business.
 Cabot Corporation is a Boston-based, Fortune 300 company with operations in specialty chemicals and materials, and energy. The 110-year-old company has annual sales of $1.5 billion.
 CABOT CORPORATION AND CONSOLIDATED SUBSIDIARIES
 SUMMARY OF RESULTS OF OPERATIONS
 (Dollars in thousands)
 Three months ended March 31: 1992 1991
 Net sales and other operating
 revenues $417,861 $410,797
 Income from continuing
 operations before income taxes 40,676 28,265
 Provision for U.S. and foreign
 income taxes (19,144) (13,049)
 Equity in net income of
 affiliated companies 455 330
 Income from continuing operations 21,987 15,546
 Income from discontinued operations -- 3,983
 Gain on disposal of discontinued
 operations -- 84,263
 Net income 21,987 103,792
 Preferred dividends (929) (947)
 Income applicable to primary
 common shares $21,058 $102,845
 Income per common share:
 Continuing operations $1.15 60 cents
 Discontinued operations -- 16 cents
 Gain on disposal of discontinued
 operations -- 3.47
 Income per primary common share $1.15 4.23
 Average number of shares
 outstanding (000's) 18,339 24,295
 Six months ended March 31: 1992 1991
 Net sales and other operating
 revenues $802,695 $811,215
 Income from continuing operations
 before income taxes 74,551 48,589
 Provision for U.S. and foreign
 income taxes (35,072) (23,327)
 Equity in net income (loss) of
 affiliated companies (847) 4,079
 Income from continuing operations 38,632 29,341
 Income from discontinued operations -- 9,492
 Gain on disposal of discontinued
 operations -- 84,263
 Net income 38,632 123,096
 Preferred dividends (1,859) (1,896)
 Income applicable to primary
 common shares $36,773 $121,200
 Income per common share:
 Continuing operations $2.01 $1.13
 Discontinued operations -- 39 cents
 Gain on disposal of discontinued
 operations -- 3.45
 Income per primary common share $2.01 $4.97
 Average number of shares
 outstanding (000s) 18,286 24,392
 -0- 4/27/92
 /CONTACT: J. Scott Esler, director of investor relations, 617-342-6240/
 (CBT) CO: Cabot Corporation ST: Massachusetts IN: SU: ERN


SH -- NE004 -- 3020 04/27/92 10:27 EDT
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Publication:PR Newswire
Date:Apr 27, 1992
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