CBT - Earnings call 1 2024 | Cabot Corporation

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Operator

Good day, and thank you for standing by. Welcome to Cabot's First Quarter 2024 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.I would now like to hand the conference over to your speaker today, Steve Delahunt, Vice President, Treasurer and Investor Relations. Please go ahead, sir.

Steven Delahunt

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

our available GAAP results. our of then our the on over earnings non-GAAP which this Erica will financial flow night make on financial that first the an the filings appears our highlights Each table release on to the the also subsequent quarter ] During cash quarter we we differ expected by first XX-K the review end those in last future could and XX, non-GAAP operating turn GAAP forward-looking and performance. subject the section a update the in segment our materially about at call, discuss and involve of discuss fiscal forward-looking Investors the call we statements to website.I adjustments projected against the execution that call refer September financial greater will website. such financial issued order highlights, release business will measures conference comparable measures and make results. to performance, is actual all year are the XXXX, Sean, to uncertainties certain operational performance. SEC, last referenced in for to are ended recent risks we provide factors In transparency [ will in statements.Additional in press who results now regarding directly from The these cause financial company's company's information available and our and with the followed strategy to of this most statement to regarding in reconciled measure our night in issued

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

Sean Keohane

year our Thank and setting am We period share results, you, is and with growth. our of our I us welcome per with pleased the which as to Steve. the morning, reflected quarter off today. same strong first which were gentlemen, earnings call to compared prior and delivered ladies aligned Good a $X.XX, year, up XX% expectations adjusted in and entire to year-over-year fiscal for to a in and global execution times. was their mature supply-demand our Materials EBIT we in navigate the as business these years team regions. made have XXXX.I like to improvements strong would the thank year-over-year, recent demonstrating dynamic tight start balance the Reinforcement structural XX% Cabot in resilience to structurally commitment up to we

equate effects and Chemicals demand the same outlook supply per compared our regions first sustainability reflect of fiscal fiscal expect favorable XXXX.These of was concluded agreements we also and generally the in the leadership. of reliability, increase $XX of year to cost other X proposition the to mix XX% product and million. quarters an and strong with the quarter $XX pricing improvements in Net quarter segment destocking demand inflationary an of quarters customer increases, pricing approximately increase year-over-year that remaining and appears to fiscal EBIT to to XXXX EBIT for quality of stabilized the up We XXXX compared of total benefits as as million Cabot's results and diminished. of supply annualized have have and mix Performance all the value in

with for end through recognized our some return share to did demand markets to supported September and leadership the applications, shareholders Cash key $XX automotive quarter. which combination pickup of repurchases the strong quarter, remained other the in continue consistent in finally, our in see in be we a sustainability. was million of flow segment signs of we for While this dividends.And

fifth list of Newsweek's year, this consecutive social Most our distinction environmental, we proud areas and very and in This were named the Responsible performance the are governance, For we of to recognizes Companies. recognition. strong of

to and growth confident Tomorrow company strategy. a with off the and in our consistent I deliver disciplined Creating am our to a earnings track XXXX ability With start execution, cash strong flow our of record to for fiscal continued

has believe through significant performance for industry investments discussed sustainable market X capacity. is abatement the last capacity, and the we to over the make investments commercial environmental past the increasingly ensure regions.The reliable also in increased that the These to to entry and additional across to supply-demand by supply we mature improved EBIT doubling structurally long-term supported customers. As have the the quarter, a resilience I stricter tight barriers operational to the and producers facing an require segment raise excellence years, our regulations dramatically Materials of the cost new tire Reinforcement our in performance Furthermore, commitment balance replacement of company. roughly

I across decade, the sales drive excellence OEE, the for team our this yields, and manufacturing a result pursued business and have remains marketing in recovery.As relentlessly past of factors, continuous these Over outlook strong. we and believe invested in network of capabilities the our energy improvement to

from see freight finally, XXXX, recent impacted have our fiscal efficiency OEE, Our destocking, significant by growth volumes Solutions and earnings In in adds mix, energy expectation with platforms. EXC Chemicals Performance Indonesia, in move growth our technology by high-growth Sustainable line seen pricing but driven, yield, through and product differentiated and such our is that recovery, diminish impacts we passenger that and innovation we quarters. EVOLVE capacity enhanced in markets of results miles continued driven continued benefits were these will as and contributions most

durables such have not fiscal yet While as growth earnings we strong segment same markets to infrastructure seen prior of impact levels.This XXXX, potential. from moving a are we group to our back of do consumer not some expect comprised and building volumes and and destocking a signs outlook of is GDP sales core that the key end our businesses in with construction, plus

they between we printing believe strategic OEMs this where X which that materials earnings to completed of packaging addition, growth. are our these expect material businesses, we that band segment guidance market and a as the growth compound in year, we per represented for X-year the $X.XX, current grow is midpoint with would have grow In at this have had we leading X% just a compelling to CAGR and inkjet, remain XX% offer and contributors Day fiscal XX% in global X% to with well we earnings market we XXXX XX% we Investor and building EV Cabot's positions in the over makers, inkjet, traditional we long-term had battery over In in and and economies. share we to We in winning growth transitions vectors Investor strong be year XX% the XX% are this time. With rate growth battery of outlook a We been per profile XXXX.Our to from share digital.EBIT positioned annual are north When earnings materials, a expected this of Day, XXXX. businesses are can adjusted analog delivering of out and to met adjusted serving fiscal positioned portfolio our to In XXXX set achieved of particularly at us capture growth puts battery at target that printer expectation that time, share our strong the XXXX by we of win. December as right the coming the confident Western with grow expand well are per and it from years. between in earnings range. reflect

manage Investor since and growth. in Investor our environment Day I businesses dynamically macroeconomic the on achieving deliver the to our strength While and in for and earnings has the resilience we remain target portfolio adjusted of commitments. share continue per XXXX, Day to confident execute in the corporate weakened

earnings in growth yield cash has of was Chemicals period the us cash X.X%, our time Index. $XXX the puts XXXX in that which basis, S&P over to flow Cabot cash share, million.Free In addition characteristics. flow per in operating trailing strong XX-month same the flow strong resulted adjusted has On a top robust of portfolio execution quartile

balance power cash deliver pursue to Our allows generation a allocation earnings long-term cash investment-grade strategy to us balanced returning sheet. strategic funding maintaining capital strong to focused a and investments shareholders while growth on

dividend have allocation capital our a a growing that core part and remains commitment continuous since XXXX, We maintained of priorities. and

continue to cash as X% the last flow including the the increase we over XX for dividend dividends, in paid outlook grow. the confidence expect in $XX million our would to company.We in earnings Over long-term an May, reflecting our time raise months,

every past million a $XXX and we'll XX $XXX the shares and of of totaled our of shares ratio months. to months, in opportunities. outlook the offset We We and on investment opportunistic repurchased XX over dividends plan timing dilution flow last year, repurchased based with purchases cash paid also XX%. The growth total additional for be to equating million the payout

the 'XX cash years.We Investor track target free discretionary achieve generate free fiscal The this to a billion are for Cabot and discuss it December was $X cash flow on flow to thesis performance strong XXXX. priority our over at in to flow excess corporate also a of set Erica management and X allocation our Day, also We cash segment which target Erica? discretionary fundamental over investment of are to will the to in and this financial in disciplined of strength quarter. team.I are now turn generation capital the

Erica McLaughlin

the in million, the We strong expenditures quarter results XXXX, quarter capital Materials start of growth to results. compared Chemicals Sean. at flow cash of at for from flow was $X.X the remains of we strong $XX and were from both spending segment continue Discretionary the and million first a for ended XXXX company of billion. $XXX $X.XX was EPS and and fiscal million liquidity $XXX our $XX with expect first the year. free segments. balance fiscal included increase XXXX the Thanks, which $XXX with in fiscal $XXX Capital $X.XX of fiscal review a million. position quarter for the operations was quarter. $XXX to then first the quarter, I'll for to Performance coming discussing approximately the working Adjusted million the capital cash Reinforcement Cash quarter with of in million million,

dividends Additional repurchases. the $XX quarter uses and were during for for share first million $XX of million cash

benefit the operating Our fiscal debt of general will XX%.One operating for X.Xx. in our be note was debt The balance XXXX was to seen tax $X.X anticipate rate tax in we the XXXX net additional the billion, to was income. XX% first to range for our is and item XX%, unallocated fiscal the and quarter EBITDA rate of

As earn currencies in expense we investment item income as quarter, general related last line income of South to our unallocated net in and positions, interest income this we global American discussed and exposures currency includes balances. region the that our cash as well on mainly asset

devaluation the how devaluation a Venezuela. due on [ devaluation The as the with XXX ], pesos per treated similar as During the certain government-imposed loss currency $X we treated expense in other of currency the On experienced of government was in have to XXX $XX included rest foreign the peso the which that in a Argentinian treated of [ foreign dollar a the of market ] Argentina XX, Argentinian an per currency on the day to dollar August and consistent million loss only devalued quarter, quarter, impact being was million is of resulting pesos the a item, a most in government government-imposed treated countries, how devaluations item. as depreciation Argentina. results, than government this certain December day.We recently the we we from operating in throughout more

interest and million the quarter. quarter, outpaced Argentina and currency the and of $XX first income was in During operating unallocated the income the driver of losses results investment in foreign general

to per driven million $X and quite foreign in income predict, by as we difficult $X impacts expecting are million Materials. for ahead, our cash interest movements are income moving general currency on unallocated quarter and the currency range While look to investment of the balances.Now Reinforcement to net we

compared our of first was prior driven million, by the product The year. pricing was the Reinforcement increase calendar quarter, EBIT increase the to million which an for period During same as in Materials and mix higher in was in $XX and $XXX those agreements were and X% volumes. same Asia to demand in X% customer up Europe higher period the due to XX% regions as first in prior the year as Globally, the in of quarter year volumes improved. growth compared XXXX

agreements same The to a metal quarter calendar to $X to turning improve higher expect of due compared year oxides Looking Reinforcement quarter the increase first not of to significant by the to fiscal in EBIT the the in EBIT modestly in we Materials fiscal XXXX sequentially destocking driven of customer first period Chemicals. Performance the second outcome specialty XXXX, was XXXX specialty increased carbons, as volumes.Now our the sequential by fiscal and the quarter volumes and in the we as of fumed fiscal experienced product factor XXXX. was lines XXXX. higher compounds million

impact of of second than fiscal volumes sequential the to levels.I offset associated Sean higher by outlook. a expect costs of driven activities discuss to $X quarter inventory back fiscal sequentially, we turn year Sean? Looking impacts call ahead higher more increase XXXX, the maintenance over will to seasonality now reducing in with including costs the million the and by

Sean Keohane

Erica. Thanks,

Moving results very feel good about of quarter remainder year. and first XXXX our outlook. the the the We to

reaffirming adjusted the We per year-over-year. the share for midpoint outlook in range are earnings at $X.XX up $X.XX, is our which XX% to of

Reinforcement growth a strong sustainability importance key terms agreements, our consistency XXXX improved in structurally pricing XXXX our drivers develop of earnings leadership calendar to improvement our expected. tight regional In from customer XXXX. security, customers.The and and had the outlook, assumptions of quality the drive the and as will fiscal margin our agreements supply-demand dynamics supply continue year outcome that mix to we calendar of reflecting We to underpin the year Materials

weakness volumes low to that believe imply XXXX a year another to the drive is to our in fiscal by with expected for Performance segment XXXX. still certain continue which end volume will markets, of rate would volumes impacted XXXX. quarter to average Reinforcement factors expected expectation be strong fiscal growth segment EBIT segment.The is These good to growth be Chemicals fiscal the the run QX in for percentage basis fourth on XXXX, Materials of We similar single-digit compared in year

relatively the intend the joining now Q&A for generation a of our with to expect pleased over confident margins today, robust today, QX us consistent to Regarding margins the strong, shareholders very and much the company and the cash call I'm segment, I'm expected through is remain Overall, is we Cash repurchases. to to how year.Thank amount continue for dividends share the we in exit return rate. to I'll positioned outlook and turn you very for for session. and

Operator

[Operator with question Instructions] the Our from first comes Bank. Deutsche line Begleiter of David

YIfei Huang

on year about David I key It's is first Can for the to you of outlook full Dave. Huang specific here type And what guidance? talk volume your embedded guess, China? outlook for the in China. segments

Sean Keohane

Sure.

definitely by calendar the and year and growth, I more supply is 'XX a of driven seen the the we've than are inventory.But months. in economic appears there. growth in of We've need and stronger sign certain And I'll some likely maybe for consistent a say at with sectors, chains pull think, the improvement bit seen of of the So some indicators OE in sector. largely marginal level in an tire albeit 'XX recent the lower seeing of back tire Chinese on there's released West, sort tire the tire QX the update historically. of signs terms in expectations. the in calendar in full and lens demand a what notably market we're QX is I China, for and destocked replacement would latest have replacement it were automotive economy a exports stabilized, And the that to exports showing pockets

there's about out infrastructure.So think dual-use some believe XG these accounts still trying their calling actions and front. government power economy which to the infrastructure. think that I we're And what driver. stimulus building we're projects, China. and The back to of came and renovation around But and like is energy urban trip demand this just XX% here. X-week affordable of weak, I major things types a confidence take so housing, distribution, quite stability will consumer is for plans which so-called renewable seeing some and seeing EV we X overall charging pretty they're and it of from consistent narrative China's on I has stimulate to housing And market, replace a government time the forms are that

So out Year. New I of think definitely to develop things if materialize, efforts, coming for these we chemicals, drive but have will how see them see demand Chinese we'll

months there business dynamic few and important, continue the will we'll the I be this actively we'll be to closely, situation. think in next situation and our manage monitoring

of expectations in in which of like of something would latest growth be with has indicators probably range, macroeconomic think sort X% I line the out growth kind to China, overall, GDP in zone. So the that X%

YIfei Huang

still incremental And up in do EBITDA the some you Got to on then challenges, Okay. EV given materials, guess, 'XX in battery be chains? it. battery the expect all parts of I

Sean Keohane

the Definitely, somewhat to across product our expect and 'XX on EBITDA in grades. better higher China growth We depressed in we right our sentiment volume would based penetration battery fiscal a participation performance drive is the and grow mix year-over-year chain now. as and EV Yes. of a year optimize continued

in is in best expected higher 'XX, expect that's pretty is here. profitability are roughly this about to way say, definitely 'XX. fiscal Now and half somewhat reduce I growth. China, in with difficult fiscal than expected we'd grow Though, in it. But driven the year to what line battery a in battery ramp to of would coming quarter, the to think more Outside That's volumes to I today. in project be again, expecting probably overall, think makers March as production to fiscal second OEMs be high China growth factor the 'XX inventory are quarter.So levels we're

Operator

of the next from Jefferies. Alexander Our comes line Laurence from Instructions] question [Operator

Laurence Alexander

of In now Reinforcement Materials, volumes how by covered multiyear much your contracts? are

Sean Keohane

X-year On contracts, They're Laurence. largely multiyear very little, agreements. all

Laurence Alexander

Okay. And...

Sean Keohane

-- X-year last residual year. in we We from agreements a fiscal had 'XX, of

the I XXXX. we'll would market environment multiyear that this say year, we the we had year was given our this were were outlook. year part multiyear in deals. the our were view really of reflecting conversation. a And second seeking we not have negotiations And that X-year discussions minor the So agreements. And then were more on negotiating

Laurence Alexander

And your capacity across you each debottleneck can year? how much system

Sean Keohane

Yes.

X to about the continuing levers. way really is overall what So we are there equipment OEE, we capacity, effectiveness. One think that Laurence, call drive

the this rates that in the off assets priority is the minimizing the as of improved is way OEE. really up we've X as here, capital-efficient for a the OEEs. most because course, us period driving Those over And what's uptime of calculate And well quality. the called so And grow first that is substantially throughput time and to to factors capacity.

think increase.And is debottlenecks. expect each you I or of so year. the to get we an That's second then capital-efficient kind And call can point a of OEE X lever what

would where is to this done, generally more in order debottleneck ways. very say plant plant in Carbon some the an minor so that to debottlenecks be additional And every relatively others, would unlock capital-efficient required has a but I And capacity. operation are these particular there Black some set be capital-efficient unit than of capital can option

levers we've X here got is confident that against So take a match if you them single-digit for those up growth from multiple years. runway what we a growth feel standpoint, rate demand low then and

Laurence Alexander

accelerate adoption the it sort this is market carbon of with then considerations could more, or at projects, if purely customer invested elastomers you point? And you

Sean Keohane

does production customer -- technology novel It's have the is performance in but change customers' adoption high it about some more a technology, require that process. a new Yes. because

their end making mixing their the front basically part of the of You're plant. plant, changes some to

really the seen segment than so this clear that These of anything and more for that's particularly else.Now adoption the time strongly. wear market chip earthmoving and enhanced the customer we in adoption large plays have very about very off-the-road compound where, cut performance tires. are really, and tires, really, it's And really

place improve both resistance lot where be would the the economy -- balance the truck space.I the materials where the fuel our the but place a in well seeing in characteristics tires, tires bus trying next are commercial first composites of wear There and elastomer right think now you're there customers they're there. rolling that's also So and or commercialize. out to commercial this play

customers And so we in a right are road now application. those of in number have tests that -- that extended

market, here compelling from years. understandably qualification So driver a think, value nature the the here, evident has is several over I just really last that.I it's but a standpoint, becoming been the conservative proposition of think the more

it's cycle. think their working I adoption them so And about through

Operator

[Operator the Instructions] Markets. Our Capital with Kapsch question line from Chris of comes next Loop

Christopher Kapsch

just on the question a pricing that Reinforcement gains had Materials. and mentioned I you mix in

of Black how given against Or Carbon curious regions? an was there was Just are year? step change source in more affirmative Europe sanctions across happening this balanced that the that the Russian

Sean Keohane

Yes.

and bit we're got supply So ban drove contract in strong the our followed from outcomes we engaged think here long-standing by the Cabot's security EU have to I and me Europe, pleased supply. with. say, first, customers within to prepared in there if secure I remarks, the affirm a other terms value the partners upcoming with from I stability long-term net But first, looking on color the see would Russian definitely customers think regions. for the let which to you supply of impact, local you've of the give view. by And here helps. very that recognized and And little that try customers region of demand

a And that, Americas, we capital. the raised.In operational quality the the even in with associated along increases regional and environmental And proposition Americas, saw impact value our return higher half earn supply the softer to costs you and in in as pass continue chain, bit due think, again, sustainability So price destocking the phenomenon the to I realized region across supply-demand on second of compliance that that that transient customers our consistent XXXX need replacement well from and sort to a of of I occurred think related we fundamentals outlook in demand this in with remains need recognize that to tight for our board. the leadership. the to definitely the

business the Asia, that's in is Americas.And know, basis. or on monthly our then negotiated a majority So of quarterly the spot as you

those in increases as negotiate customers agreements, annual where well. this global For price we we region do achieved

European the with because So board, sanction little Russia stronger really of probably region the phenomenon. bit in the a across outcomes

Christopher Kapsch

stock the That's returns the follow-up of guess, industry. the helpful. well. sort validates was, I in some just the the It skepticism, stand And some reversion. picture, about embedded has sort bigger barriers valuation of because performance I'm improvement the The are is structural for Xx I the multiple Yet guess, improved. done that And company's your entry capacity. of there'll the up about to comments and to be curious new

what looks you and example, in Southeast -- are it wondering your juxtaposed I by guess, granted your also Just fairly the one recently, did competitors -- higher. the the are Asia improvement targeted, small there the of where industry.And some like against structural thoughts skepticism, market announce on they're additions, an about growth was the rates if is

if could comment landscape just structural the about industry? wondering and So you competitive just the thesis the overall on

Sean Keohane

Chris. Sure,

and I the prepared quite of the on now strong So period of long earnings a execution have well, in growth. commented over we time demonstrated very long-term our remarks, how strategy

been history in Reinforcement in past, very said dynamics a West lot in And think And particularly back of I think different of proof in of did China. as the structural different, the that there for out over so dynamics migration you structural to a and tire are primarily if now of a that I I've see tire you years. because go number are there there Materials.And way a business, set points migration the this was has

raises that supply, the security, one. barriers much business, of capital then in or range.And it, and have in however there's new emphasis derisking sort on a of been number And of stable, is when the, I something jurisdiction, of pretty clear number Number in and consistently overlay I recovery of you always supply region the chains.And cost you capital if the want I time demand tightened gotten And I level today the try more get supply supply of think X that been a again, a capacity business to regional so each with quite driven. permitted you entry say would the sort on back playing a years, the and over a there that's a phrase the period would has certainly always from can the that have historical. now out up has and capacity think, for onshoring of to regionally that has required that is in environmental different two, derisk reductions finally, earning to that to balance, number or an while decoupling been to trend, importance business this regions been this X years, picture regionally say global effort But regional so importance it's that return is the having that, driven only stronger. side call

will, produce of power.So sustainability I the our yield. is market think commented the as our So can to really recovery we And business, if drive self-help, compelling. the cogeneration making a all on over a number but we've prepared things of of and different performance where then to improve I with energy those seeing economics always of period long are you comments really And of quite different sort business, the our OEE through time quite also critical, our measures, finally, if are over structure of period yields, self-help up and think combined a only that driving in investments industry remarks of goals structural on not you're a performance. operational to very driven to excellence, the proof long now factors, looking dynamics points those the I here quite we've play We I of business, made create to done out top time.

Christopher Kapsch

it. helpful. the Is it on growth supply? displacement regions? keeping But is backfill just the in That's Appreciate helping just any thoughts the with ] And of up additions? certain [ furlough that Russian

Sean Keohane

Yes. Yes, sure.

I forgot Chris. Sorry, that. about

might So back and our to years never almost XX on. that that old on announcements acted fully dates view be

in capacity when being growth fruition, how to of they're have recent for made. the in sure the sense That not production.And is margin, that be firm said, that is production So come make history is is announcement would it targeted they that tire moving as been prior the do so most ASEAN certainly announcements you if and region tire the to for Carbon on into that the put -- highest rather in region there's expected China, backfill Black that growth about does or Russian well. like the happens. ASEAN that anticipated we in balance, certainly to Europe not material, structural possible the fact ASEAN that should backfill need we the whether in than it questions announcement Russian supply will think some but to feel it between It's some supply as actually be that's there. the But need grow and

Operator

next Our from Instructions] of with question comes the Joshua line [Operator UBS. Spector

James Cannon

there? on could to against some numbers tracking with market, X%. to the out sure This I Reinforcement up just the that the weakness data we in came was for tires the through I wanted if pointed is delta X% time kind I I you respect of that think down in saw about the being the Josh. just balancing you minus Americas, on point anything wondering called a the saw OE had Cannon of I'm in Americas. in being hard to tires poke the we Reinforcement replacement data you and XX% with year-over-year James were to specifically some of or

Sean Keohane

South. it's say is driven Yes. by Remember, the region. Well, demand I would Americas, North this both and in really

inventory weaker But think our here by year-end America, sequential happening. than of South also think little adjustments And definitely a we'll fiscal here. improvement see made And was impacting as we some I well. that that customers QX. there North see we that's was in is our so expectation probably

So the quarter year-over-year second March a in return and the to here then growth half.

it is particularly by concerned our So assessment those really driven factors. not about and

James Cannon

called in side, on you Okay. the quarter. And volumes some out then the PC solid pretty

pressure you seeing you over think is Are side. had headwinds or you've that I still pricing starting past the on to around some the -- are turn couple, there?

Sean Keohane

Yes.

statement last accurate. was that sure I'm So not

segment biggest the been have improvement has fumed been relatively oxides. But was volume think holding weakness. up on recently nice and carbon, our side, challenge more compounds in been in generally the comments well. we volume specialty in specialty that driven some I the by did -- And been that margins quarter, and volume the have segment definitely, has see the metal

So kind the really of across board.

pretty I period signal So we a a negative of think I were year-over-year and comp.So that's was where positive here. to after extended seeing think see positive that destocking

I in beyond how this develop construction, think, of goods, building some our end things I of think things consumer on will next the leg segment in this. infrastructure, key the the depend, of timing recovery sort like durable markets,

signs far, so aren't inflection. any And those of showing

where of that signs but stabilization of hopefully, and a to growth, to year-over-year not we're these longer turning we perhaps under perhaps next pick months a of here pleased point drive get the a number think or whether our a comps, definitely we're I see end the So markets here. see we're and here. the until bit negative seeing belt no leg But turn pleased cautious up

Operator

Roberts Mizuho. of next Our question with comes line the Instructions] John [Operator from

John Ezekiel Roberts

silica for Sean, precipitated business? sale. business Reinforcement Would that there's fit a the with

Sean Keohane

that then we another through third growth out, one our if looking think build John, and one. the where logical chosen looking say would the and would at in businesses I there we position in there vectors, would are and always portfolio. always I then in there would the to think say, accretive. terms adjacencies I that two, M&A footprint think our serve be those.And customers if of our global enhance there first, would Number be, to opportunities that help number position, business of is we're combination it way existing the is at area battery I our inkjet, would materials so attractive strengthen are are M&A

Now precipitated basic with a there I is think about you to could get the couple it. respect ways think to specifically, One silica silica. precipitated of are in

into other formulation. look like an something certainly The could And that's technology is advanced other at your materials about. platform that incorporate think EXC and that we you use to

not we I'm explore adjacencies definitely position, evaluate be evaluate.The invest did Norma, in the strengthen prioritization support or as So it's how one described. one, we then look things vectors three, growth so M&A the and just we number you that such here? sure -- at to connection our something of would two, lose -- existing

Operator

Roberts, do another we question? have Mr.

Sean Keohane

No.

John Ezekiel Roberts

one. that just No,

Operator

Thank right. you. All

Sean Keohane

John. you, Okay. Thank

Operator

At remarks. further for conference to the to this closing showing I'm I'd -- Mr. time, hand showing no over questions. I'm Keohane like back

Sean Keohane

quarter. Okay. Great. I Thank you. Cabot, you, you Norma, speaking today call Thank and the and thank forward to and with you all for joining your again of for look next support

Operator

Thank conference for This concludes participation. you your today's call.

have Everyone disconnect. now day. wonderful may a You

Cabot (CBT) 6 Feb 242024 Q1 Earnings call transcript