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CABOT Cabot Corp Reports First Quarter Fiscal 2021 Results February 1 , 2021 Strong Diluted EPS of $ 1.06 and Record Adjusted EPS of $ 1.18 BOSTON -- ( BUSINESS WIRE ) -- Feb . 1 , 2021-- Cabot Corporation ( NYSE : CBT ) today announced results for its first quarter of fiscal year 2021 . Key Highlights ■ Strong GAAP EPS of $ 1.06 , compared to $ 0.70 in the prior fiscal year first quarter . Record Adjusted EPS of $ 1.18 compared to $ 0.69 in the prior fiscal year first quarter ■ First quarter EBIT in Reinforcement Materials increased 87 % year over year to a record high of $ 88 million ■ Performance Chemicals EBIT increased 32 % compared to the first quarter of fiscal 2020 due to 9 % higher volumes ■ Liquidity remains strong at approximately $ 1.5 billion ; Debt to EBITDA ratio of 2.5 times as of December 31 , 2020 ( In millions , except per share amounts ) First Quarter Fiscal 2021 Fiscal 2020 Net sales $ 746 Net income ( loss ) attributable to Cabot Corporation $ 469 $ 727 60 $ 41 Net income ( loss ) per diluted share attributable to Cabot Corporation $ 1.06 $ 0.70 Less : Certain items after tax per share Adjusted EPS $ ( 0.12 ) $ 0.01 $ 1.18 $ 0.69 Commenting on the results , Cabot President and CEO Sean Keohane , said , " I am very pleased with the exceptional operating results this quarter , as we saw a strengthening recovery in our end markets . Improving demand trends , robust unit margins , disciplined operational execution , and strong performance in our targeted growth initiatives resulted in year - over - year and sequential improvements in financial results . Reinforcement Materials delivered a record quarter driven by strong unit margins and solid volumes . Performance Chemicals results improved meaningfully compared to the prior year quarter due to higher sales volumes and improved product mix in our specialty carbons and compounds product lines . " Keohane continued , “ In addition , I am pleased with the outcome of our calendar year 2021 Reinforcement Materials customer negotiations given the challenging demand environment this past year , as we reached agreements that were broadly in line with our 2020 agreements in terms of pricing and share . We also continue to manage our balance sheet and cash flow very well . We reduced our debt balance while funding a significant step up in growth - related net working capital . Our balance sheet remains strong with approximately $ 1.5 billion of liquidity and a total debt to EBITDA ratio of 2.5x as of December 31 , 2020. " Financial Detail For the first quarter of fiscal 2021 , net income attributable to Cabot Corporation was $ 60 million ( $ 1.06 per diluted common share ) . Net income reflects an after - tax per share charge from certain items of $ 0.12 . Adjusted EPS for the first quarter of fiscal 2021 was $ 1.18 per share . Segment Results Reinforcement Materials - First quarter fiscal 2021 EBIT in Reinforcement Materials increased by $ 41 million compared to the first quarter of fiscal 2020. The increase in EBIT was driven by improved pricing and product mix both in Asia and from our calendar 2020 global customer agreements . In addition , the segment experienced lower costs and 1 % higher volumes . Higher volumes were driven by demand increases in Europe and the Americas . Global and regional volume changes for Reinforcement Materials for the first quarter of fiscal 2021 as compared to the same quarter of the prior year are included in the table below : Changes in Global Reinforcement Materials Volumes First Quarter Year - over - Year Change Asia Europe , Middle East , Africa Americas 1 % ( 8 % ) 13 % 9 %