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Cabot (NYSE: CBT) reported a 57% drop in its fiscal first-quarter profit.

Cabot's quarterly profit fell to $20 million, or $0.31 per share, from $46 million, or $0.71 per share, in the year-ago period. Excluding one-time items, it earned $0.66 per share.

Its revenue climbed 7.6% to $820 million. However, analysts were expecting earnings of $0.77 per share on revenue of $864 million.

Its gross margin declined to 17.9% from 18.8%.

Cabot shares fell 0.60% to close at $42.96 yesterday.

Posted-In: profitEarnings News


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