CBT - Earnings call transcript Q4 2024

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, everyone, and thank you for standing by. Welcome to the Fourth Quarter 2024 Cabot Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

Now I will pass the call over to the Vice President, Treasurer and Investor Relations, Steve Delahunt. Please go ahead.

Steven Delahunt

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

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

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

our be measures involve presented provide the our to measures measures financial of In Any order results. non-GAAP certain to section alternative considered earnings GAAP the of transparency that refer most we release operating to be financial to not call non-GAAP greater financial performance, should last Any GAAP. required directly GAAP Investors financial referenced measures end are by issued an financial adjustments non-GAAP to regarding and comparable at our table measure this on reconciled in available the to website. in night the

tax connection awards under company other equity officers obligations the to that rewards. like I'd of our long-term pay to selling restricted next related and the stock each you issued as Also, do vesting we of be several to in weeks, the typically shares their over incentive will program, with year, remind

our highlights, Sean, objectives, over including corporate turn by our now will call Investor XXXX Day will our fiscal and for the business Erica flow review capital the sustainability quarter results followed and our the results and fourth against discuss year. and XXXX highlights. who allocation segment the to XXXX for our fiscal finally, details will cash I success financial year

will and floor and Sean? XXXX outlook Sean open this, provide the comments to closing some Following questions. a

Sean Keohane

represents Good having and Thank of ladies share We you, and accomplishments our for X% call marked growth Day Steve. end tremendous target XXXX to Fiscal achieved XX%, morning, was earnings welcome adjusted year concluded our top gentlemen, an XX%. per Investor which goal CAGR the our by period, range company. of X-year our XXXX today. one of to

a discretionary to also of greater over $X.X strong We our that than flow compared cumulative X-year generated billion Investor Day period, very cash billion. of goal free $X result

environment This for certain strategy. at the strategy drive growth our our based of During to XXXX, capabilities that market leadership, launched to X-year our of we Day Creating cash Tomorrow on XXXX, global demand and in seeks in December our When excellence targets we innovation to strong time. flow. and set earnings commitment we leverage made assumptions and Investor operational

many While achieving on growth our the corporate since into assumptions and of rates our particularly headwinds objectives. exchange impacted focus it key turned XXXX, those hasn't rates, end foreign market

a higher XX% improved our mix million, segment XXXX. $XXX XX% and year-over-year resilience entire volumes on segments, of and and past in driven these product $XXX year-over-year and Materials a pricing demonstrated million, customers years, our Reinforcement delivering and of $X.XX, business share environment on of immensely In I'm X commitments. XXXX, year delivered fiscal adjusted proud the team, focus an earnings total an turbulent navigating economic by increase EBIT In our year-over-year. increase increased XXXX XX% of of our Cabot maintaining global agility in per supporting we they EBIT always and to

and In portfolio fiscal performance flow continuation a Performance cash the of drove XXXX saw we characteristics mix the $XXX demand year, has half in our free Chemicals and cash reconnect of generated fiscal volumes Cabot discretionary The fiscal million of those XX% with improved in increased margins. underlying product as more $XXX second the our $XXX flow operating million marked that normalized segment to year cash flow million. robust strong EBIT year-over-year and we of a fundamentals.

power the generation source creation value is our cash of Our shareholder strategy.

capital offering shareholders flows, to sustainable second, priorities: ensuring third, returning balanced through high a cash focused to allocate share a earnings customers; long-term strong seek repurchases. capital dividends underwriting deliver reliable to With our confidence provide framework first, and on these well to base maintained inside our X projects growth; we asset and to is growth and

reflecting flow The cash strength priorities cash the we announced execute our in In company. paid to our flow $XX balance maintaining us strong of million against allows long-term our dividends, our outlook these confidence May, fiscal while sheet. XXXX, year an increase including X% last for investment-grade in

have time earnings dividend we our We raising grow. a growing dividend over as to the continuous since maintained and continue expect XXXX, and would

year We dividends XX% $XXX with discretionary flow. cash representing $XXX of totaled which of also free million million repurchased capital of returned shareholders approximately shares XXXX, in fiscal to combined

sheet our growth very top-tier driving balance future feel opportunities good generation Going continue and investment forward, about flexibility cash to returns. shareholder we power,

marked XXXX year a year has several by sustainability. achievements. dynamic Fiscal progress, of to sustainability turning key Now been

vectors by circularity in our or in generate through drive are of Creating in are and enabling into being operator As we it space must integrate investments for our of downstream terms this sustainability strategy, they a and lens about returns customers. growth. the Ultimately, think new responsible our applications Tomorrow for consumers because valued of through their our customers we enabling efficiency operations our

ahead our in as our In the achieved June, manufacturing XXX% we At the is for we goals sustainability Among leveraging toward exporting enabling our time, X as valuable that that more our schedule XX produce achieved we and of sustainability the published performance energy waste commitment to our to our by goal which while milestones, our circularity import, provides of key sustainable recent report, process energy we COX-free highlighting to we well our to a the continue cogeneration advancements goals stream. progress remaining XXXX XXXX sustainability of XXXX had and vision power, profit a exemplifying of target on goals. future.

new Our year universal represents sustainable applications. consistency customers fiscal drive strategies opportunity sustainable to reliable made continue for materials, we this quality they deliver to long-term more Cabot. including introduced and performance, circular products our and and innovation with masterbatches circular as seek their In growth black designed several multiple new products XXXX, across a

reinforcing Black, promoting efficiency tire high-performance and EX engineered We for EV increased enhanced formulations. durability PROPEL Carbon also launched and

leadership consecutive a in again in recognized Our and EcoVadis, from sustainability the X% fourth externally. be top achieved the of continues us basic placing marking year rating chemical the to We sector. platinum

contributions International development. Additionally, highlighting Award Technology and our sustainable our EXC tire Tire innovation the for a XXXX earned excellence, to more product

of And the to a of bipartisan Cabot to grant selection. of now as a Department In finally, to proud to September, the battery $XX build-out was the we by elaborate supply support U.S. have chemistry for of chain. domestic are Energy minutes selected been Energy a take for the like by infrastructure grant Department on selected I'd U.S. the DOE part million this grant law. few

growth nanotubes additive manufacturing grant We be will broad conductive at as award. conductive capitalize portfolio North manufacturers facility Gigafactories a to our are finalize relationships established for the the industry positioned battery-grade battery battery With opportunity of U.S.-based commercial well carbon produce the our to used the on globally, additives now are terms new to constructed leading to and scale. in negotiations of The dispersions and develop in are that here with we America.

the value investment chain. scale This will production of U.S. chemistry battery the us capacity and help domestic accelerate

a materials forward a to believe China the closely working Cabot's project. to battery success that this important over will We of ensure bifurcate stakeholders earnings and an as market driver batteries the market. continue We look western of Energy our with into the production important be to Department to time of growth and

call the discuss Erica? to year performance financial now we well the and over a strong for to Erica had XXXX Overall, results positioned I'll detail. more the in very turn future. in quarter the of are and

Erica McLaughlin

was in operations million. $XXX Thanks, was at million $X.X which of position was our by EBIT our from Chemicals a same lower flow higher the EBIT This lower strong quarter, in included We benefit segment. Sean. cash billion. a $XXX was cash quarter. offset in tax ended rate, of above in and Adjusted flow Reinforcement the quarter the a at performance balance million Performance segment EPS Cash last driven the year, approximately with $X.XX. remains strong the a the by decrease in $XXX quarter fourth Materials X% million partially Discretionary from capital liquidity working free quarter and $XX

expenditures Capital of million. fiscal the were fourth for $XX XXXX quarter

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

in $X.X net mix related as to Argentina a for our of which our XX% OECD earnings, was Our Argentina debt was earnings. expected billion, the foreign at increase EBITDA implementation, minimum favorable driven fiscal debt new XX%. certain We tax outlook XX% and tax XX% and was to operating to rate is The to tax of fiscal tax tax driven rate our by XXXX in taxes the in withholding X.Xx. The to operating our related fiscal compared differences lower to in year for rate lower tax by XXXX. be rate anticipate year-over-year on more range in balance increases The geographic remained the and impacts XXXX devaluation jurisdictions. global

our to higher related period and agreements. well mix incentive lower last the less were by to by to compensation favorable XXXX as by compared decrease product Reinforcement a prior EBIT higher higher year. third-party year and to of partially $XX the other costs, and due higher fourth the customer moving decreased primarily same expense Materials. geographic year. pricing costs the timing driven volumes, offset compared million maintenance Now quarter The as in to in improved mix spend calendar The as was

a Asia were higher by from region. levels the in lingering Asia the Mexico into X% X% production imports at Europe. the negatively Volumes were partially offset in X% Americas, effects year-over-year Pacific X% tire in the the and by volumes the in to volumes customers and down events Globally, given impacted of growth in in Americas decline level lower in the due Americas tire growth of our weather-related

at shift the to to In majeure orders than This the expected declared demand given other force caused in which third drought we our impacted fourth Altamira, suppliers. carbon country, results plant longer in quarter. black in the the continued quarter, shift customers Mexico, and

this supported October. by that customers their normal than we longer which to was patterns, volumes our impact purchasing we in returned regional have While expected, is believe stronger

a fiscal EBIT, quarter first lower of the in we due of to to XXXX, Looking million primarily expect sequential $XX costs. increase

be to volumes consistent as normal the is expected to sequential in quarterly expect increase largely relatively offset by patterns. calendar be We Mexico in volumes seasonal year-end

Performance turning Chemicals. Now to

million reconnect product in During quarter quarter same and mix, fourth higher-margin favorable for quarter drivers automotive increased higher in $X period costs. mix prior as the electronics driven volumes volumes applications, including higher in the to of in the the the in were segment period demand to offset in underlying compared were compared quarter higher EBIT fiscal for product applications. as as same were to compared by the higher prior a year the the Volumes year. improved Higher the fourth year. the XXXX, to and destocking by behavior the by The prior increase more margins to partially as due we was volumes the saw by X%

largely were compensation to of and higher of unfavorable plant maintenance, increased reductions. inventory incentive level costs effect due Higher the

consistent quarter we with fiscal Looking first XXXX, remain ahead the quarter. of relatively EBIT expect fourth the to to

in demand Europe. by the volumes strong Asia seasonally and be offset expect We largely Americas lower to volumes in

it outlook. will our Sean? to I now to turn discuss Sean back XXXX

Sean Keohane

Thanks, Erica.

team, focused our driven strategy have For X businesses, strengthening of strong leading portfolio a on global our team paramount right this despite in where turbulent is allocation framework Delivering that global investing with robust a cash win cash this for the shareholders. capital returned applications we and management of has years, flow to past management accomplished growth a deploying have and on a our we within environment. level advantaged to balanced to commitments a power consistent

grown have And we a XXXX, from of free $XXX of cash XXXX. $XXX CAGR level have discretionary flow million our increased XX%. approximately million through XXXX years at to over the fiscal EPS adjusted in and For

$X.XX, and which the capabilities share from XXXX look excellence global in we year expect to earnings we $X.XX As foundation broad innovation earnings believe to growth continued per our be and represents flow. X% scale, of range results. forward, of cash footprint, Overall, will XX% operational of we growth XXXX to geographic drive our adjusted fiscal of

growth recovery the earnings Materials Reinforcement continued steady in Performance in and expect Chemicals. We

in unit segment Indonesia. in we startup final volume U.S. of to is we have and half In the unit rate year-over-year to Performance run control our also margins. fiscal higher global expect expected the of steady in EBIT the costs the growth the Reinforcement growth commissioning pollution volume our the of Materials, XXXX project unit from margins. and higher The expect mid-single continue new second In Chemicals, experienced we with and into fiscal digits in XXXX air

Foreign rates The which assuming expected anticipate impact interest assumes corporate and all income, related are with oil. by driven midpoint to be line range would exchange can rates relatively expectations, our we held in moving we lower the and to lower FX in in and range. investment consistent curve forward unallocated Overall, expense, rates, rates is current interest the we general energy in half prices for lower of interest the lower Argentina positioning the and unallocated income of first for the cash mainly XXXX. costs by offset company, market

to the also to range of XX% We be the assumed XX%. tax have rate in

So higher X at XXXX. than year is midpoint, fiscal it points the

generate by continued growth to return discretionary flow strategic cash and capital shareholders. and operations EBITDA support to free driven flow to strong from expect We of cash investments robust

you will in X of targets. join and December financial phase capital as be long-term Investor returns. as us superior key to for Cabot XXXX for with today, company, well believe I you all successful Thank I growth advantaged year our on we outline next participating drive hope growth development session, will long-term call for Day. the another strategy much we for shareholder that our next very the the pursue allocation set as At of will initiatives, disciplined

for over turn I'll session. back the call question-and-answer now a

Operator

Roberts comes with And John the from Mizuho. [Operator Instructions] it line of

John Ezekiel Roberts

what The terms the stronger both seem seems in were about right mix you semiconductor applications business that those about to in you silica Can are a markets or that's Great. talking any seeing like Performance X now? be you're in Chemicals. applications, the talk area improvement. if I assume of decelerating slowdown automotive

Sean Keohane

Yes.

improvement mix a we saw return commented had certainly, normalized the in the in in of quarter, piece we application. was the As segment more that last definitely semiconductor half XXXX. and And to back a volumes of

assume into point CMP as we you So goes silica out.

we continuation would fairly any [indiscernible], normal normalized say QX. back we it saw I was at what think to weak. say early I would 'XX, compared now. would sort a right in it's of And into returned so don't running of we and most be that where levels very, to 'XX we're I rates it certainly of what And think of seeing particular signs very would saw

year automotive the production side, outlook XXXX I for think auto is calendar grow. on to the for

That is lower I than latest think revision. outlook. the touch sort a a X% is of downward

that's it than be would think automotive. around point this expectation X I as at they higher relates the maybe before, to but building that, where from was were point IHS we that

John Ezekiel Roberts

EV the the what's you're U.S.? targeting capacity that then revenue materials battery And the plant for of

Sean Keohane

So start the to XXXX. in plant targeted up is

with stages dispersion high-level Of nanotubes something producing of now course, that range. we're additive Energy, final in conductive but the Department time as line the in carbon there. right is And of well as we'd both be negotiations

grant. of sort something for XX-ish that of capital this million, that Our around $XX would covered in and it is -- in the range total IRRs be which percent expectation generate is the XX-ish million on project $XXX would that range, by that

level high would So in would the we be see that's kind start-up a XXXX. of sense again, how of economics

Operator

question, Spector with for from and line moment is the Joshua our of next UBS. one And

Unknown Analyst

what's volumes you're want What do and RM for to I And And December demand. Josh. year? U.S. the the see dynamic on return are the guess, -- seeing, there? between It's with how you up imports follow the of I in Chris guess, into the the you the latest the Perrella quarter? then for coming Asian I seeing the cadence

Sean Keohane

Yes.

-- issue. commented, drought patterns Mexican the so Erica to normalized October solid we related we the return see -- as volume and did of the So certainly a

that's outlook low and is in expectation XXXX of So think production single-digit sort certainly XXXX. of the The Americas, I be for would expectation in tire globally modest, our growth modest fairly terms good. in for

we an imports you higher tire here. Now of levels out, in impact in the as point more have from seen quarters recent region the

And so our no outlook imports. current change level would fundamental be for from effectively that of

of imports. certainly elevated There of are trend the back push against signs

truck Chinese And Mexico, example, recently, So antidumping effect last car we've tires. in seen on and tires, imposed U.S. the imposed truck for month. more Thai recently, on those tariffs went by tires, then duties just passenger into TBR

pushback some on and imports tire sort front. of certainly, so elevated And of level tariff the to trade

that producers then imports share a some And the defending maybe Western more. signals adjusting as the in well bit against tire strategy

So there's we'll managing it's would out Canada. sector. balance, of that no Mexico, in be see on current the competing we're change and have $X of U.S. in modernization U.S. America in that level said to dynamic But expansion North imports. certainly for one lot situation the to order a Americas, here. of and watching are a closely, XXXX these how but the There tire as in modest of in projects play well the several fundamental our and growth forces underway as consultants somewhere for are in that billion the in investment Certainly, have outlook

support term and longer production to miles So in our provide will that expectation regional here grow driven capacity. tire is North America

Unknown Analyst

moving fiscal the I are a And great. And driving CapEx the there? this just what's guess, incremental on the rise? that's what one quick No, step-up year. parts for

Sean Keohane

Yes.

million. $XXX to of the expect we in million So to be range $XXX

be our the been, that XXXX. the say pollution in air would of half back a production control Louisiana spending battery primary I related be as range increase would XXXX. well The would would online final be modest point But midpoint a those of primary in be completion the unit modest the of of And will U.S. at the completion project to that Indonesia where drivers over the of in up. projects coming in finally, drivers of our there So space. some as growth new in in increment the the we've the zone then

Operator

of comes One moment next line Zekauskas That our JPMorgan. the from with for question. Jeff

Jeffrey Zekauskas

Can in What's U.S.? a too that? the your in tires you materials the X quarters just on that? has to contracted demand battery think row. Is make comment United I it for expensive States in behind

Sean Keohane

just I I think is quarters Jeff, said I to clarify, for X want you higher... materials battery think contracted means

Jeffrey Zekauskas

forgive. Materials, Reinforcement

Sean Keohane

Yes, years, sure. certainly, have Well, is yes, the have to imports we seen X and accelerating, over I last Asian sure, increased that's been what say. that would tire X

their export really in quarters out it's the America continue. that and to is we countries for and China Now to the on level and economic more as been certainly some up step America. But that time, of seen market we've recent way seen dependent South level North tries elevated tire global their important has to ASEAN will the remember exports Asian weakness, tires have and a of

I certainly, commented on, dynamic antidumping some duties. terms situation, just as as a there's So of as well both tariffs pushback here, in

say question is wouldn't of being it uncompetitive. a I So much so

modernize some dumping a which in recent of think into particular plants, lot tires. questions long committed much against it's around that. is tire a certainly, think be. Certainly, I duties America are capacity more and antidumping makers there are to question case term, automated I North of than this imposed tires, China more Thai used with And have the build to in capital additional to the

U.S., of rubber low of competitiveness here very in that automation, the of synthetic those So fact given level the petrochemical electricity the I think competitive the industry all the is the given a it place that significant say going tires of needed a place would a amount the where and in make is to the capacity growth support to industry. costs, be is factors competitive to

against the coming have see forces other, are how trade are to at out But and we'll each now that think I in from year. those there here a months standpoint shake pushing play and right

Jeffrey Zekauskas

general United or the the expectation negotiations year? that, in all for down or going you'll or in tell? your of you up flat are the price States be context upcoming So that can't Is how your

Sean Keohane

Yes.

most this finalized playing are So the that's negotiations, contracts line in Jeff, historically along happened year, out time the here. are fall of where the

customers we're as the those So with we midst in go now. of discussions right

for nature the be competitive it inappropriate of to contract So that given would me on information. comment outcomes

say with environmental changed the demand haven't Europe in say, would the I supply by with related remains that, I environment fundamentals But certainly and regulations. no side in costs higher impacted firm, elevated adds near-term capacity would the new the imports. here Now Americas to Asian long-term

would same. say the supply picture that I So remains side

Now fiscal as expecting are indicated Materials we year. in Reinforcement in guide, the in improvement our we margin

So that's our expectation. current

Jeffrey Zekauskas

you terms benefits Europe and And business year, did moved beginning to for issues. XXXX? other in Can the the Battery get and how maybe quickly are in tell of And you're quarter both sales you as us have energy to for Materials EBITDA up? prices in gas

Sean Keohane

Sorry, of faded repeat last question. that energy get part Europe. out the I part. didn't Jeff, benefit It just in the last

Jeffrey Zekauskas

Europe in $XX gas are costs know, now, an MMBtu. I natural don't So

of cogen give is you in And so you Europe, your a giving does Or a benefit? that that benefit? because capabilities

Sean Keohane

Yes.

Okay.

yes, questions there. X So

but a project future battery bit DOE projects, programs future in announced and XXXX. we So on in quite profits investing U.S. here that And DOE to future the investment the recently were in up, investment ex front, with margins drive were including to the projects, our volumes we in the were up where drive our the

remains competitive. that to today And say, progress, battery for China accounts -- So produced environment of China. in remains but in still production I XX% the is would XX%

the in of and margins our inside and profit China substantially of and And China. the decade, bifurcates are And time, So be our quite market is competitive the different and XX% that tire pricing end China. would and margins that expectation this as the plan the better. West is produced production over out here production XX% today are you of China, have XX-XX, outside about our that is by in of the sales balanced dynamics outside view outside certainly,

line bifurcation to we're expecting I out, growth Corp. to Cabot overall this profits and of earnings material contributor as to think the product in then a that grow the become So plays

battery So happening now that's market. right the a bit in of what's

In energy the the of that little marker market terms cogeneration as is seeing which you've energy oil bit terms against have we overall, we is where I bit. a each of sort trending the -- it facility type against to asset relates different cogen, and in prices a a produce of on down is energy say is priced, forward would which what curve been -- the and of that little

So in of that on profits move pricing of much a the quickly underlying may put very centers pressure can a But that's XXXX. little situation. the depends we out energy as dynamic have that the seen. It energy the and on

Operator

Instructions] [Operator

is question from with next Alexander Jefferies. Our Laurence

Daniel Rizzo

This Rizzo for Laurence. on is Dan

talked bit what I maintenance maintenance it? 'XX. or about for should It's about costs how and was is going more maybe the turnaround just You in outlook QX, we in be 'XX wondering versus think less a costs and or to

Erica McLaughlin

Erica. is this Dan,

in going was maintenance to would We picture be the about We QX Reinforcement higher QX. Materials. in into talked So cost expect down.

So -- there. commented, we Performance performance segment, in maintenance QX. million from would costs relatively expect in to In flat the on Chemicals QX QX, as costs expect $XX there we a were decrease EBIT I

expect a as big wouldn't about Chemicals. you we So Performance think change

Daniel Rizzo

that's I just know about don't the the thinking play whole how year was I not to QX. out. Yes, year, going --

Erica McLaughlin

Yes.

cost for segment profile to I a material the wouldn't maintenance, the be think on maintenance a related yes. to change there from think fixed perspective, year-over-year about

Daniel Rizzo

and kind defending helpful. with And aggressive mentioned potentially you're their outlook. share, contracts was producers tire which means it, that's that No, getting affect the too, about no, I of prices. your you how you Western with thinking and then with how could that's And I if assume wondering very

Sean Keohane

Yes.

promoting is of the Western more there aggressive in would channel. in high-value position. retail defend that to what think reports their the I their brands. getting Tier tire likely, the evidence there a strategy in X mean, are they the say, industry little a call -- Most probably had I they've And makers really Certainly, all their I tires. So some tire

and as the the like greater sizes. So to rim is that. market part the And XX-inch of tires, growing a that things compared smaller

I level of sense market. more I of competitive some of elevated defense it level by given But the think think there their there'd those share tire makes the them defend be end to imports, in that

front. we'll on, and on trade And duties of think I Certainly, point. then to a antidumping how in are incoming plays have is So happens read that the this difficult as tariffs whether other commented factor, at policies implemented U.S., trade given see and comes currently to that of administration more the what combination being out. I the the the

of But modest in against pushback black here. in of XXXX depending in terms there's some this impact at I on carbon the that will for level it's for And Americas. region. pretty the black improvement what that demand think in obviously will imports clear again, is elevated have our And where on goes, demand be the carbon view current point this

Operator

questions will see the for in I remarks. Q&A call the session no conclude back as I final And to Sean the turn Keohane queue, and further

Sean Keohane

phase as development to investments our December growth for company, And over the join Day, X much, joining forward you for I Carmen, and our strategy priority can next very well all Thank Great. look next on we us of targets. discussing Investor next the you X all where the do you our long-term for set as hope financial call thank of today. years our

you So seeing And I we much you look supporting for thank very forward to you all soon. hope can us. Cabot, and join

Operator

today's participating conference. all thank And in for you

disconnect. You everyone. day, may Good now

Cabot (CBT) 5 Nov 242024 Q4 Earnings call transcript