Cabot Corporation announced unaudited consolidated earnings results for first quarter ended December 31, 2014. For the quarter, the company reported net sales and other operating revenues of $812 million, income from operations of $64 million, income from continuing operations before income taxes and equity in earnings of affiliated companies of $51 million, income from continuing operations of $49 million or $0.69 per diluted share, net income attributable to company of $45 million or $0.69 per diluted share, cash provided by operating activities of $56 million, additions to property, plant and equipment of $41 million compared to the net sales and other operating revenues of $898 million, income from operations of $87 million, income from continuing operations before income taxes and equity in earnings of affiliated companies of $109 million, income from continuing operations of $87 million or $1.24 per diluted share, net income attributable to company of $80 million or $1.23 per diluted share, net cash used in operating activities of $18 million, additions to property, plant and equipment of $42 million for the same quarter a year ago. During the first quarter, the company generated $133 million of adjusted EBITDA. EBIT was $6 million lower than fourth quarter of fiscal 2014, primarily due to 6% lower volumes. The volume decline was driven by customer inventory destocking, primarily in China; and seasonally weaker demand in Europe and the Americas.

The company anticipated increased volumes in the second half of fiscal year 2015 in the Purification Solutions and Performance Chemicals segments. The company will continue to apply cost reduction measures, implement operational improvements, and company have reduced expected capital expenditures for fiscal 2015. The company anticipated strong cash flows due to the benefit of lower oil prices on net working capital, which will allow to remain flexible with regard to share repurchases given the increased authorization that has been put in place. It anticipates operating tax rate for fiscal 2015 to be between 27% and 29%.