Cabot falls on downbeat outlook, flags macro-economic challenges

Cabot

16/06/2023 16:34

** Shares of specialty chemicals company Cabot Corp  CBT.N 
decline 10.4% to $66.86
    ** Co says not seeing the anticipated pace of recovery in
China after a challenging March quarter in its Performance
Chemicals unit
    ** Says sales volumes in the Performance Chemicals unit for
April and May 2023 were 13% lower than the same months of 2022 
    ** "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" - CEO
Sean Keohane
    ** CBT no longer expecting adjusted earnings per share for
fiscal 2023 to be in the range of $6.10 to $6.50
    ** CBT shares flat so far this year

 (Reporting by Arunima Kumar)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94
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