UPDATE: Cabot Posts Weaker-Than-Expected Q1 Results

Cabot 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.