Earnings call transcript Q2 2023

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Operator

Thank you for standing by and Welcome to Cabot's Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions].

I would now like to hand the call over to Vice President, Treasurer. Delahunt. Steve Relations, Investor ahead. go Please

Steve Delahunt

the President morning. year I Cabot Sean you the second Executive to CEO released of night results for of would are earnings teleconference. like posted call our Vice McLaughlin, of Corporation website slide Erica The website. accompanies are be which of conjunction in this President welcome section CFO. With Last available and portion we copies with fiscal of deck to also is Investor quarter and will in the and available Good and our XXXX me our the the Keohane, today investor Relations that in relations call. replay

future to financial is materially operational forward-looking statements During to and actual in risks Each such and statements. forward-looking conference this we expected will performance. subject call, that those projected differ make results could uncertainties from cause our statements about

factors night SEC, and the release filings these which XX, website. press XXXX make appears in the XX-K regarding available also are year of September company's fiscal the with our information the we ended Additional ended in last all subsequent issued on we for

comparable our website. provide end Investors financial financial results. measures the and available we operating regarding issued transparency to certain GAAP the measure this call to at refer on referenced in in release section table of of the non-GAAP to our directly The to last order measures In most adjustments our greater involve financial a that performance, GAAP earnings non-GAAP night reconciled are

details. highlights, segment Eric will battery including update who will to strategy, on business. financial the quarter business our some results turn progress second company review and I the sustainability will with corporate now over the an Sean along call against material and our discuss

will Sean? to a and this, the closing Following comments and strategic questions. open summary provide Sean floor

Sean Keohane

macroeconomic quarter the with Good gentlemen, today. Steve. and Thank and morning, pleased in our to am to Cabot execute of effort you, results the the the I second team call backdrop. challenging and tremendous ladies welcome against

second $X.XX structural in-line with record delivered replacement The this delivered fiscal market earnings in EBIT the Reinforcement driven In up by per business materials favorable quarter, strong adjusted business. and dynamics a for remains the outlook position, we year-over-year. long-term XX% this our up and sequentially. XX% quarter resilience our tire expectations share the leading market with of of

China inventory Chemicals levels Performance in in a challenging as lower The of outbreak, quarter, key had destocking. due we significant continued and segment markets experienced COVID softness to demand end

in million million dividends million, cash As we've shareholders quarter cash cash flow which returned flow of operating to strong the flow with $XXX and share through $XXX was expected and $XX free of of repurchases.

underlying our announced our portfolio, of X% the flow quarterly of cash the business of time in of over grow. increasing dividend growing and we strength dividend Cabot our dividend. flow in increase long-term yesterday fundamentals the would earnings cash business our expectation generation as to and the a be the our and Given continue conviction has an history it long

make quarter to quarter. the battery volumes in progress sharp XX% continue growing despite important materials, front, On the in March the in long-term slowdown we strategic sales vehicle sequential in electric a with

to another the and win global key quarter now the sales secured we customer Additionally, top-XX manufacturers. in have of battery nine

growth materials. to battery macro trend. invest bit opportunity mobility continue we this Cabot electrification into behind The significant deeper a Diving of and for represents a

what value by This is vehicle While can a certainly and be by trend batteries we principally drove the electric raw from the believe the undeniable, sector declined sharp in of such the is as carbonate, experienced March developments materials COVID the a in industry sales impacts decline vehicle China, lithium electric Electric in sequentially for key which uneven. market in sharp vehicle prices chain. destocking March XX% long-term driven quarter-to-quarter across quarter. penetration quarter of

year-over-year sequential reflect volumes to materials growth of continued XX%, While sales battery XX%. volumes for Cabot's strong decreased by

We and improvement sequential be in-line the Bloomberg expect quarters the EV coming forecast. term these anticipate with short in in impacts nature, to

April, our volumes aligned through trend. improving this far So are with

The in be second it we for EV of us and loss battery materials. projection volumes two year-to-date, over recovery and quarter, temporary the market of behind sequentially where momentum sales puts next the for sales expect the quarters to

U.S. on million seeing investment profile for delays factors are the be in range in $XX to battery materials. these of our anticipate support auto up fiscal some key production year to long-term million Based we battery Additionally, EBITDA scale XXXX we in of now a continued OEM. $XX growth, to

pleased to with key been auto continue OEMs very believe mobility sector commercially well are and We've to progress of commercial battery are with the and the today. that top-XX capability. they producers, We production positioned electrification qualified nine out are our and battery transform build selling will as

unique our meet and footprint, ability is to breadth, to industry's needs product capacity scale Cabot's regionalization with resonating customers. the value built global on proposition

term the While at EBIT win pathway confident plus between and XXXX growth uneven be Investor growth over to the of remain in we long XX% XXXX. and investing are our may times, Day projections

is Expo our Sustainability we for launched our recent Technology Germany, Platform, progress the several Solutions in Sustainable which At important is purpose reinforcing carbons. on Technology EVOLVE strategic Hannover, at Tire we are core tomorrow's quarter And advancing and sustainable made strategy. during fronts. focused of the creating on the

that processes that materials sustainable renewable materials, an is this for and or our offer chains circular develop bio-based goal this scale. Our importantly, and by value emissions. from performance, industrial We platform greenhouse gas and using enabling technology plan recovered tires, to reduce do with products to end-of-life reliable content leveraging to customers

ISCC-PLUS customers made products Solutions, of As also Cabot's from are our Certified market we materials. demonstration platform, the EVOLVE launched first circular part bring tire to the which enabling to

meet sector sustainability global footprint and to the broad to society's with leadership, technology as EXC position transitions Cabot win partner market EVOLVE customers, platforms Our and and demands. leading mobility

will portfolio. are a launch application thermal addition, forms new and feature aerogel week, be announced thermal batteries. a In there important design particles management safe aerogel targeted this market. lithium-ion particles additive insulation an electric serve that for of will solutions the thermal we expect variety barrier last batteries, We ENTERA for be ENTERA of our of believe vehicle

formulations meaningful a and provide material including market, aerogel develop pads, Cabot's global sheets, solutions customers to very coatings. position to can thin to the support electrification. supplier products films, forms flexibility with transition materials' believe Cabot a and battery blankets, aerogel that we our develop as Overtime, critical into addressable addition further to phones vehicle

EcoVadis, EcoVadis available EcoVadis. supply consecutive one for efforts leading of platforms, chains. Platinum to ESG on environmental, Cabot year. social Platinum leading gain to governance rating in And world's the highest from and of customers finally, recognizes that services. Cabot rating many Most the one the The places continues recognition third from sustainability rating recently, recognition our received and sustainability leadership evaluate Cabot's the companies assessed top ratings X% rely of their among is by our a

over I'll discuss now Erica? turn performance. to call financial segment Erica, and to the the

Erica McLaughlin

by currency also exchange by in with of was Thanks, million. declines growth million in was discussing for the net results fiscal of the impacted in higher expense to will company XXXX, segments. The unfavorable Sean. start second XXXX the impacts $X quarter EPS segment of I Materials interest offset and for fiscal $X year-over-year, with quarter Reinforcement segment the foreign Performance quarter Chemical the compared then of results. second $X.XX $X.XX, review Adjusted the and

impacts foreign Year-to-date when expenses approximately million, minimal the currency Year-to-date our for impacts year $XX we million. to unfavorable exchange from impacts last and net at for increases $XX somewhat second the in year. is and from going interest forward half the be of $XX expectation were million, year-over-year are the unchanged fiscal expect quarter

quarter with ended million from and of which was operations with expectation in cash. Discretionary in million Cash in in based future $XXX net $XX to included quarter working prices. reduction a current in excess free net was the fiscal cash $XX I our line oil $XXX expectation capital the $XX reduction the we of in flow The was quarter of two in million. the reduction million, remaining working further on million we quarter. of the the looking over last for capital And expect year, what flow ahead, quarters highlighted

and total to between sheet times The million was expect be as strong $XXX XX. and million. of quarter the million March liquidity balance of CapEx of we with X.X billion net $X.X in CapEx full remains year $XXX debt-to-EBITDA $XX and

Our for rate operating and XX% year the the tax rate was quarter, we fiscal XX% and will between anticipate XX%. be

Reinforcement to moving Now Materials.

by our as year of margins X% $XXX product period million, second from EBIT mix million. a record improved customer for the offset same prior XXXX the by higher driven year, EBIT volumes compared and of period The partially volumes China. X% in in the increased and the reinforcement compared $XX agreements increase and in regions COVID materials were the the is XX% to X% higher to unit and calendar in During lower to by pricing quarter declines were from effects volumes second Americas outbreaks in as Asia with the cost. Lower fixed all the driven Europe quarter of down same Asia. in Globally, in prior by year, in the

year Materials' Asia as volumes as quarter expected the third increase expect in particularly down be are outbreaks. aligned the external sequentially are of expectations. on EBIT COVID-XX in slightly Looking to the the we to to demand with Year-over-year, after quarter prior the to fiscal as Reinforcement volumes XXXX, expected the compared improve, impact strengthens third market to

anticipate for margins of agreements also in set maintained our the pricing calendar to the We year rest are be year. as

the margins year and customer from to growth in fiscal our a basis, strong mix to double-digit to higher due compared as year unit expect calendar XXXX we continue improved pricing EBIT agreements. last largely product year, On

to comparison by volume was in quarter, experienced to a year-over-year COVID year. weaker the line period Lower volumes Performance are experienced last temporary and margins. lower were metal driven Chemicals, from decrease and decreased prior by where principally and as out year, a impact Now by compared the driven the we raw we materials margin EBIT XX% the the applications The outbreaks second the driven fumed in silicones demand million fiscal expansion same $XX oxide XXXX. of China. fiscal in by and product Lower decline turning pricing margins to from unit

exchange addition, well impacts. In the and costs unfavorable negative as Carbons as volumes in level product also inventory foreign segment the from impact Specialty as reduce we line, lower the our unabsorbed experienced

of currency the by million levels, from In of unfavorable was foreign $XX inventory the million $X margins, summary, lower year-over-year of of $X volumes, $XX and unit million reducing decline impacts. million impact lower driven

key to Looking relatively third ahead across fiscal due EBIT improves as expect be all to quarter sequentially remain demand markets volumes product our in stable. up higher of lines, our and of and to the we XXXX, margins

move volumes quarter. in seen segment improvement second as We month-to-month have we through the

expect will in we costs improve We which reduced of half year. across EBIT second have demand also the levels help given the segment weaker the environment, the

will Sean. over turn the back now I call to

Sean Keohane

Thanks, Erica.

Moving the to very a growth second strategic the a XXXX as despite progress remain macroeconomic headwinds. of continued making about short term outlook, good were At I earnings the the drivers level, unchanged. key feel we company year record customer and this The tire impact agreements is of reinforcement quarter business. provides calendar replacement the from resilience EBIT driving nature this the in our in market a materials XXXX certain the segment,

up the to supply the We dynamics year half pick in demand expect tight. with remain reasonable expected of second to volumes

for the of segment. Reinforcement another digit which of growth year expectation double in our All EBIT strong drives Materials

lines by chemicals product of to fiscal our the in first second been year, up impacted of year. the we in And half demand while the the has weak pick expect and volumes external environment all half performance

contributors in We growth applications. the battery of growth accelerate our and our improving also the second as segment recovery inkjet strong in half penetration to materials, volumes the volumes to sequential targeted driven by be vectors expect year,

full to $X.XX weak fiscal for destocking very guidance would December per the $X.XX. a battery given across markets, midpoint earnings us, adjusting of Performance our China, a expected of be However, we're temporary than year slowdown to sequential slower the in our materials, year modest the for momentum quarter. range The in of includes our Chemicals guidance share and given end growth of our fiscal adjusted imply which recovery particularly and year,

momentum we year, fiscal expect strong full half second about As fiscal relative XXXX. earnings significant a heading the quarter the shape for providing think year the into the of to we first step-up we in half,

and working release, As flow the free in and the on expect earnings very cash year, we of to second be strong. increase flow fiscal cash our anticipated half capital operating the based

breakout believe earnings for In that long-term macro in with industry closing, the And conviction growth. unique and to we comprised offers confident and a of mobility. invest Materials this are Materials growth Reinforcement position balance exposure a shift is strategic tailwinds. generation. behind our structurally and in business to flow Performance improved offers positions Battery transformational with the we Cabot leading cash potential the is have sheet Chemicals opportunity. strong

strong has investments our a to creating and finally, or leader And purpose and growth And flow characteristics strength underpins portfolio fund Our advantage we're which in for cash can this cash our strategy. tomorrow recognized sustainability. return shareholders.

drivers day. value in in on we the to Investor targets firmly these With achieve remain outlined XXXX our December track place,

very you today. And joining I'll session. turn call Thank for the much now for Q&A us our over

Operator

[Operator Instructions] from of Our Credit first the question Roberts of comes John line Suisse.

Your question John. please.

John Roberts

than got Reinforcement, qualitative trends? price give you. regional elsewhere. Thank In more U.S. Could I you least the you've us in at assume discussion a price the of

Sean Keohane

in pretty the western regions of the structural all say were in the regionalization Sure, across those of pretty the regions And growth demand, consistent in John. would I dynamics tire supply trends production, lines -- factors. chain market the terms western importance with the actually. that supply pricing consistent up of the

they're So across say I Western markets. actually the would consistent quite

John Roberts

And segment, hear masterbatch did weakness. about semiconductor any then talk within discussion about I market the fumed oxides, and the few metal versus didn't metal we within Performance oxides,

Sean Keohane

Yeah.

biggest fumed on the let oxides because certainly chemicals. performance the single weakness the in first, of metal driver So, touch me that's

the this silicones in down space. their space very silicone metal several see market down Now, market. in in this sharply. comps volume were serves you the oxides in fumed public were And the far that This silicone by And were applications this is results principally largest There quarter. can company sharply space. very,

similar market. And XX% overall are to down in product Erica this is think in the as this our volumes dynamic I said, line. So year-over-year

segment. And the or this the past from the line as highest you product might recall Investor Day, business is margin in

high combine the that the leverage business, when operating a in So you pretty it's with significant.

declining, also that of we have time silica a Now, being silica silicones the diminished forms said, And space. demand into abrasive lower don't have are was semiconductor silica still or the have sales participate or over That the in. driver of largest was but contraction we particle the either space. into legacy tail moved semiconductor meaningful other sales, space. next the do generation products nodes in John, the there silica to too, as CMP here Those colloidal or [Indiscernible], overall that

Operator

Thank Instructions] [Operator from of Our the question you. next UBS. comes line Josh Spector,

please, question, Your Josh?

Josh Spector

you comment stable Chems margins really have for are on to question. In quarter. taking mean, more. expected my I the margins Thanks your Yeah. Hi. slides, understand levels. that wanted remain XQ'XX were in Performance I a from that to your about X%

Do going talked cost that You improvements. mean stable they're that those be you about or cost on to improve they're levels? to about going savings, at you level,

Sean Keohane

variable we base, through. EBITDA What cost the coverage is margins the we're we the will about of improve so price flow will and remain talking cost volumes unit higher Josh, the then actions as minus quarter, some margin, stable. Obviously, get that cost the that over mean, of more and

that that spread. what of That's we're mean. we margins, about price So say talking when sort raw we minus

Josh Spector

business, if give battery versus much for you giving new to Are exclusive? largest on talk the the it. more serving got carbon how qualified sense. of formulations? some your there. you XX supplying optionality for can of just those do Makes specifically Are of you So were now you you the into platform? Cabot any materials wind majority the And so? materializes about where context that sales Or I it producers. you nine are wonder of the around into conductive those Okay,

Sean Keohane

Yeah.

qualified into then is proliferate, And grows or that So it program battery typically the and with materials in battery a platform it. as a you then way works battery get platform.

it So how how that's works. it typically

may get those platforms not Cabot programs. winning don't that legacy to switched typically much it So in, out, been have has do for with more example, new

that. would So sales as volumes with the we program to expect our ramps, then ramp up

typically, redundancy. Now, sort require automotive applications, of because secondary and there's usually supplier a primary supply really that going Josh. are to because OEs these program-driven, program it's a a auto the But into

assuming we would intense, the And that ramps, success so flow the the customer through this program then as that. see

Josh Spector

Sean. thanks, Okay,

Operator

Thank you.

of is question Jeff. of Our line line the Zekauskas open, comes Jeff JPMorgan.Your next from

Unidentified Analyst

This What contracts Black It regions? is for Hi, It like contract negotiation has -- early hi. this Jeff. you seeing are Rubber on morning. like Lydia different across year. seems for started seems

Sean Keohane

again? you something say Sorry. Lydia, Sorry, contracts about and just that could regions? said I in

Unidentified Analyst

we've it's contract started heard the -- that just Yeah, Black for negotiation has this year. Rubber early

wondering, just what seeing across So are pricing for you regions? different

Sean Keohane

is it so Yeah, process. in the early

the the over then So summer, and contract of progress normally, course period. discussions into the began fall the

certain so customers approached negotiations for And to have us start XXXX.

there a parts. of are moving think I lot

to Russia as in example, how important as economics However, Europe. feedstock to These and material the are I the dynamics happens think in potential for sanction China for date what XXXX, nears replacement Russia watch.

say in process So early here. I it's the would

I would multiyear we with agreements remind that XXXX. close in some incremental XXXX were pricing in that negotiations you did

I I So set does But it's remain a unchanged this the Western us into demand would say, favorable. give would the say have said, That begun, heading does in early it process. certain the think market momentum, supply structural conversations I and while markets in some reference. 'XX. dynamics And

expect so And that we continue. to

Unidentified Analyst

Thank operations you. full cash for And your your flow last is quarter than year year. higher this from

maybe about talk So rest here can for your year? talk of more the you expectation the about changes the and

Erica McLaughlin

Sure.

part really working flow earlier this improved And cash as I of in quarter, it. EBITDA the strong say was year, capital. would Operating So from then that's the it's

the had coming material And costs We raw year. so levels increasing raw are capital. into that those last cause that working increasing we material year, costs investment see of this down

from contribution a or of cash working source capital second the so quarter. in And see you positive

We as through we continue to move expect year. that the

would million in of the of think we comments at a another to half $XX goes year. I back be released that capital where the would in made working So the excess

rest we the very XXXX. through from operations continued flow as strong And so go of cash expect

Unidentified Analyst

you. Thank

Operator

Thank you.

Our line Alexander from next Laurence question of go Jeffries. Laurence. comes of Please the ahead,

Dan Rizzo

Rizzo Laurence. Hi, it's for Dan on

we was battery about You circular timeline? a materials? the but tires, or it growth growth to within Could growth be magnitude maybe as product. it will steam the that something, I be Is longer just how I going think that not, trajectory mentioned the be assume something is wondering should the new product. there of

Sean Keohane

Solutions to Dan? launch, Product referring EVOLVE Sustainable the Technology you're Yeah, --

Dan Rizzo

Yeah, that's correct.

Sean Keohane

scale. we're is at technology offer The with launched, content goal And position most that to I develop that. And we think Yeah. sustainable that do think industrial here products great our reliable performance. platform I to in a importantly,

value be as and end-of-life any that materials as from we'll processes leveraging circular bio-based are reduce the or so options chains can options, recovered renewable gas and And that emission. the greenhouse tires, well feedstock material

are the levers we're these platform. the EVOLVE that pulling under So

if think overtime, we as goals But how which and will is EVOLVE adoption goals of should see carbon technologies. driving from expect to. and drive up new and how ought our as for set Solutions in those this material greenhouse is think neutrality, so to -- the how a And rubber here year. in have industry, And the exactly to how about XXXX speed Sustainable you we between in this it. the they're all between of that. a gas XXXX starting tire impact period out, line goals over anticipate well XXXX, you their interim how things customers, they about develop, revenue to driven by XX-year five This in XXXX how

frankly, pressures getting society's play, would longer sustainability. But term the our customers, as around and this at that's a I needs sustainability about really of think

So things about space, to play the and ability we can't this Because market which there we're way we it that can. think technologies. like are these the commercialize bring at startups scale, to at in -- really and we do And develop but bring it. excited an scale commercialize,

Dan. would it, I how that's think about So

Dan Rizzo

was you. improvement oil mentioned you there because and it that? in about drop working movement right. wondering into such And capital, if movement its an Thank there's prices. or rule in we mentioned that, All working an was X translates capital, working a I move capital with oil was think $XX or of oil, should thumb as the a how in to of then relation that in

Erica McLaughlin

Sure, Dan.

is I capital. can is $X oil The general answer in about change $X thumb about that. a rule So working in million of

and And usually so rule two accounts it thumb. of inventory quarters, receivable as then move But that's does quickly following might really see the the over a the into happen the quarter. repriced usually, you'll

Dan Rizzo

Thank you much. very

Operator

Chris Instructions] comes next Thank Capital. you. Our the of Kapsch Chris. [Operator Loop go question ahead, of from Please line

Chris Kapsch

Good morning.

So the about morning. if -- I think

-- Chemical goes guidance, if [Indiscernible] modest mentioned trends I reduction, it's the segment. you attributable don't So Performance about silicon maybe the and it but carbons, rank like other predominantly the know guidance think industry know contributors, there. battery slower if to especially don't a biggest. it's sounds in if order maybe I the is into least And there's the in second, the temporarily momentum can that you residual if then destock especially I and materials. the

order I'm to them, if this a on also improving demand monthly but right kind mentioned in also transfer basis. that's the magnitude, the think of You way of of segment mentioned curious terms you just

how Just those far businesses the it's have trends those thus persisted wondering of and if how each April? quarter different third through characterize into characteristic you persisted, could that's if of

Sean Keohane

take the Maybe first one, Erica question, back Chris. then second on on that. I'll come And the will

Erica McLaughlin

think the fumed decline. the is oxide and of I majority Chris, of the quarter impact think largest by if the Yeah, far in you metal

be Carbons I our Specialty say Next, it business. would would

volumes business, the reductions most also inventory or the reduction in drove is unabsorbed that of Our which inventory are X% down that because in a carbon. about of costs in in

battery secondary. here then So materials, about sales was as that in temporary the would be probably impactful. EV John also talked QX in And decline

in I those it's So would order. that probably say

also Materials think in we broad recovery, of move through month-to-month would I'd improved the quarter. pretty I the we terms As say in based QX, about through improvement as April. say volume Battery

QX materials April battery and volumes from have in improved. exit the So into

So good. that's think I

weaker was than January-February as other kind stronger the In of April, the of March, would a some I characterize but businesses, say than run-rate. it I'd bit

the the for say So strong that's then April. businesses. across book what looks we've seen order pretty I'd And May in

into our consideration. And takes outlook so that's in what

Chris Kapsch

then -- and Okay,

Sean Keohane

couple additional maybe, comments a of And just Yeah. there. Chris,

that range a is would midpoint flat 'XX. roughly was 'XX. our XX% the over again, But be fiscal in of to fiscal record the So

a so weak One $X.XX after here. December XX, offsetting of and quarter. pulling given then And is in that interest about a things And our fiscal headwind to of year-end result also remember we're EPS unfavorable from very FX. couple important September would that that be

half look that's So there. think look when picture I at an important momentum, second you to at

I have monthly touched think I add that the to trends one. on Erica, well. don't anything more Erica on

Chris Kapsch

Got the been concerns security And it. And of my extent that follow for focused then the the really having has Battery theme lithium-ion the Materials supplying to partnering out globally top-XX here materials. is key battery a space. a up with them them. of producers supply on has battery tremendous nine been more just And variety you're broadly, and success, of

Just into with curious customers? relationships that those your how theme plays

expectations be that supplying requirements going that you. their to now, they are Thank or demand they do what that with your different plan? visibility -- globally? capital you're have growth partner those for is you play you are them obviously, have And playing to -- to And in but to do into is How is regions? out starting

Sean Keohane

certainly, things a in market in It's Well, is, been think batteries, of going made couple think until now I are battery well, think China some up sure. principally the China. XX%-ish of I on market. a Yeah, I are

two-three and years end But that the small. into of speak, the is there out we the battery next investments and significant constructed are as outside being decade. relatively coming online are China of over So

to things Chris. couple think so And are a going happen, I of

between China. a some of seeing probably of rest outside non-Chinese lot world. you're China, all, market you'll and bifurcation players see I of think a And battery then a First of of sort battery building for

supply. and in U.S. customers the with the we're working value certainly regional so And that Europe really

provide them is to And important. to very so, I think the that ability

typically, platform a then Now, a program in given you And grow that with get particular battery qualified then that. you here proliferates, as what is that or maker. happens program with

to and ramp win, there's a you as So schedule. get qualified begin

that's how Sometimes why there develops. global think to want the you for to can these that's, capacity build this hard about think it. think Cabot's that's market bifurcates. our how as think I to way our But unevenness I scale, regionally think I That's predict. market be And advantage this I And an customers footprint, in Cabot. for out some ability

so that, building And out meet are to investing and capacity we're behind that.

Chris Kapsch

you. Thank

Operator

I At you. this time, Keohane for Sean would to back like to the closing Thank Sir? turn conference remarks.

Sean Keohane

continued have very support you And you much of a hope Cabot thank today. you Thank your safe Well, day, joining Corporation. for for will. Great. you

Operator

call. you This participating. conference concludes Thank today's for

You may now disconnect.

Cabot (CBT) 9 May 232023 Q2 Earnings call transcript