Shares of Cabot Corp. dropped by as much as 10% in the extended session Thursday after the specialty chemicals maker said its sales have slowed, as China’s...
Shares of Cabot Corp. CBT dropped by as much as 10% in the extended session Thursday after the specialty chemicals maker said its sales have slowed, as China’s recovery hasn’t materialized in the way that the company expected and global demand remains “soft,” and dialed back on its outlook for the year. Sales in Cabot’s performance chemicals business for April and May were 13% lower than the same months of 2022, with declines across all product lines except battery materials, the company said.
“We are not seeing the anticipated pace of recovery in China after a challenging March quarter in the performance chemicals segment,” Chief Executive Sean Keohane said in a statement. “In addition to the weakness in China, we continue to see soft demand on a global basis across many of our key end markets, including construction and consumer applications.” Cabot said it expects EBIT for the segment to be “only modestly higher” quarter-on-quarter.
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