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CABOT Cabot Corp Reports Second Quarter Fiscal 2021 Results May 3 , 2021 Strong Diluted EPS of $ 1.30 and Record Adjusted EPS of $ 1.38 BOSTON -- ( BUSINESS WIRE ) -- May 3 , 2021-- Cabot Corporation ( NYSE : CBT ) today announced results for its second quarter of fiscal year 2021 . Key Highlights • GAAP EPS of $ 1.30 , compared to a loss of $ 0.01 in the prior fiscal year second quarter . Record Adjusted EPS of $ 1.38 , compared to $ 0.77 in the prior fiscal year second quarter • Second quarter EBIT in Reinforcement Materials increased 46 % year over year to a record high of $ 89 million • Performance Chemicals EBIT increased by $ 27 million compared to the second quarter of fiscal 2020 to $ 58 million , driven by 11 % higher volumes • Liquidity remains strong at approximately $ 1.3 billion ; Debt to EBITDA ratio of 2.3 times as of March 31 , 2021 ( In millions , except per share amounts ) Three Months Ended Six Months Ended 3/31/21 3/31/20 3/31/21 3/31/20 Net sales Net income ( loss ) attributable to Cabot Corporation $ $ 842 $ 75 $ 710 $ 1,588 $ 1,437 ( 1 ) $ 135 $ 40 Net earnings ( loss ) per share attributable to Cabot Corporation $ Less : Certain items after tax per share Adjusted EPS $ $ 1.30 $ ( 0.08 ) $ 1.38 $ ( 0.01 ) $ 2.36 $ 0.70 ( 0.78 ) $ ( 0.20 ) $ ( 0.77 ) 0.77 $ 2.56 $ 1.47 Commenting on the results for the second fiscal quarter of 2021 , Cabot President and CEO Sean Keohane , said , “ Building on the momentum we created in the prior quarter , the Cabot team delivered our second consecutive quarter of record adjusted EPS . Our global footprint and operational agility , combined with continued strong demand in our key end markets , resulted in year - over - year and sequential growth in our core businesses . Reinforcement Materials delivered a second consecutive quarter of record EBIT , driven by higher volumes and strong Asia pricing . Performance Chemicals results improved on a year - over - year basis due to stronger volumes in our key end markets and a favorable product mix driven by demand from automotive applications and our target growth initiatives . " Keohane continued , “ In addition , I am very pleased with the Cabot team's efforts to support our customers through effective sourcing strategies and supply chain management , while facing a tightening of availability in global transportation . Operating cash flow was a source of $ 65 million despite higher raw material prices and a step up in growth - related working capital . Our balance sheet remains strong with approximately $ 1.3 billion of liquidity and a total debt to EBITDA ratio of 2.3x as of March 31 , 2021. " Financial Detail For the second quarter of fiscal 2021 , net income attributable to Cabot Corporation was $ 75 million ( $ 1.30 per diluted common share ) . Net income reflects an after - tax per share charge from certain items of $ 0.08 . Adjusted EPS for the second quarter of fiscal 2021 was $ 1.38 per share . Segment Results Reinforcement Materials - Second quarter fiscal 2021 EBIT in Reinforcement Materials increased by $ 28 million compared to the second quarter of fiscal 2020. The increase in EBIT was driven by significantly higher volumes across all regions and improved pricing in Asia . Higher volumes were driven by demand increases across all regions compared to the same quarter last year , which was impacted by COVID - 19 shutdowns . Global and regional volume changes for Reinforcement Materials for the second quarter of fiscal 2021 as compared to the same quarter of the prior year are set forth in the table below : Changes in Global Reinforcement Materials Volumes Asia Europe , Middle East , Africa Americas Second Quarter Year - over - Year Change 18 % 30 % 10 % 10 %