Cabot Corporation reported unaudited consolidated earnings results for the first quarter ended December 31, 2013. For the quarter, the company reported net sales and other operating revenues of $899 million against $820 million for the same period last year. Income from operations was $86 million against $55 million for the same period last year. Income from continuing operations before income taxes and equity in net earnings of affiliated companies was $108 million against $41 million for the same period last year. Income from continuing operations was $86 million or $1.23 per diluted share against $25 million or $0.33 per diluted share for the same period last year. Net income attributable to the company was $80 million or $1.23 per diluted share against $20 million or $0.31 per diluted share for the same period last year. Adjusted EPS was $0.86 against $0.66 for the same period last year. During the first quarter of fiscal 2014, the company generated adjusted EBITDA of $150 million. Uses of cash during the first quarter include $42 million for capital expenditures. Total segment EBIT from continuing operations was $113 million, which was $24 million or 27% higher than last year's first quarter. The increase compared to the prior year was driven by higher volumes across many of segments. Sequentially, total segment EBIT increased $15 million, driven by improved performance in Reinforcement Materials as a result of higher volumes and lower costs.

The company anticipates operating tax rate for fiscal 2014 will be between 26% and 28%. The company expects capital expenditures to be between $200 million and $250 million for fiscal 2014.