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Cabot Corporation Announces Realignment of Business Reporting Segments

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Cabot Corporation (NYSE:CBT) announced today that it has realigned its global business segments. The new segment structure is designed to improve efficiency and resource prioritization. It will also enable stronger customer focus and better align with the recently announced organizational structure.

The company is organized into four segments that now include Reinforcement Materials, Performance Chemicals, Specialty Fluids and Purification Solutions. The Reinforcement Materials segment now combines the rubber blacks and elastomer composites product lines. This segment’s main objective is to serve the tire and industrial rubber industries. The Performance Chemicals segment now combines the specialty carbons and compounds, and inkjet colorants product lines into the Specialty Carbons and Formulations business, and combines the fumed metal oxides and aerogel product lines into the Metal Oxides business. This new structure better leverages Cabot’s global activities across common customer applications, production, and research and development. The Specialty Fluids business will now be a stand-alone reporting segment. Finally, there is no change to the Purification Solutions segment, which includes the Cabot Norit Activated Carbon business.

The new segment structure is aligned with recently announced senior management changes. Sean Keohane is the executive vice president and president of the Reinforcement Materials segment. Nick Cross is the executive vice president and president of the Performance Chemicals and Specialty Fluids segments. Fred von Gottberg is the senior vice president and president of the Purification Solutions segment.

Beginning with the first quarter of fiscal 2015, financial results for the company will reflect the realigned segment structure. Included with this press release are recast financial statements for fiscal 2013 and fiscal 2014 consistent with these realigned segments.

Commenting on the changes, Cabot President and CEO Patrick Prevost, said, “The new segment structure will better align with our organization and improve resource prioritization. Our objective remains to deliver earnings growth through superior customer relationships, manufacturing excellence, and outstanding technology development and engagement.”

About Cabot Corporation

Cabot Corporation (NYSE:CBT) is a global specialty chemicals and performance materials company, headquartered in Boston, Massachusetts. The company is a leading provider of rubber and specialty carbons, activated carbon, inkjet colorants , cesium formate drilling fluids, fumed silica, and aerogel. For more information on Cabot, please visit the company’s website at: http://www.cabotcorp.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in the press release regarding Cabot’s business that are not historical facts are forward looking statements that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward looking statements, see “Risk Factors” in the Company’s Annual Report on Form 10-K.

CABOT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS
Periods ended September 30 Three Months Twelve Months

Dollars in millions, except per share amounts

2014 2013 2014 2013
Net sales and other operating revenues $ 911 $ 896 $ 3,647 $ 3,456
Cost of sales 729 729 2,926 2,823
Gross profit 182 167 721 633
Selling and administrative expenses 81 75 326 297
Research and technical expenses 14 18 60 68
Income from operations 87 74 335 268
Other (expense) income
Interest and dividend income - 1 3 5
Interest expense (14 ) (15 ) (55 ) (62 )
Other (expense) income (A) (2 ) (4 ) 25 (1 )
Total other (expense) income (16 ) (18 ) (27 ) (58 )
Income from continuing operations before income taxes and equity in
earnings of affiliated companies 71 56 308 210
Provision for income taxes (41 ) (8 ) (92 ) (60 )
Equity in earnings of affiliated companies, net of tax 2 2 - 11
Income from continuing operations 32 50 216 161
Income (loss) from discontinued operations, net of tax (B) 4 1 2 (1 )
Net income 36 51 218 160
Net income attributable to noncontrolling interests 5 4 19 7
Net income attributable to Cabot Corporation $ 31 $ 47 $ 199 $ 153
Diluted earnings per share of common stock
attributable to Cabot Corporation
Continuing operations $ 0.43 $ 0.72 $ 3.01 $ 2.37
Discontinued operations (B) 0.05 0.01 0.02 (0.01 )
Net income attributable to Cabot Corporation $ 0.48 $ 0.73 $ 3.03 $ 2.36
Weighted average common shares outstanding
Diluted 65.1 64.7 65.1 64.5
(A) Other (expense) income for the twelve months of fiscal 2014 includes a $29 million non-cash gain on Cabot’s existing investment in its Mexican joint venture (NHUMO) recognized upon acquiring our former joint venture partner’s common stock in NHUMO, which represented approximately 60% of the common equity of the joint venture.
(B) Amounts relate primarily to the divestiture of the Security Materials business and the divestiture of the Supermetals business.

CABOT CORPORATION SUMMARY RESULTS BY SEGMENTS
Periods ended September 30 Three Months Twelve Months
Dollars in millions, except per share amounts (unaudited) 2014 2013 2014 2013
Sales
Reinforcement Materials (A) $ 525 $ 494 $ 2,108 $ 1,931
Performance Chemicals (A) 259 254 1,022 989
Specialty Carbons and Formulations (A) 178 176 709 686
Metal Oxides (A) 81 78 313 303
Purification Solutions (B) 85 84 315 328
Specialty Fluids (A) 21 38 98 101
Segment sales 890 870 3,543 3,349
Unallocated and other (B) (C) 21 26 104 107
Net sales and other operating revenues $ 911 $ 896 $ 3,647 $ 3,456
Segment Earnings Before Interest and Taxes (D) (E)
Reinforcement Materials (A) $ 59 $ 52 $ 259 $ 194
Performance Chemicals (A) 41 36 168 150
Purification Solutions 1 (8 ) (19 ) (4 )
Specialty Fluids (A) 7 18 39 46
Total Segment Earnings Before Interest and Taxes (E) 108 98 447 386
Unallocated and Other
Interest expense (14 ) (15 ) (55 ) (62 )
Certain items (F) (9 ) (11 ) (28 ) (54 )
Unallocated corporate costs (E) (11 ) (11 ) (54 ) (48 )
General unallocated expense (G) (1 ) (3 ) (2 ) (1 )
Less: Equity in earnings of affiliated companies (2 ) (2 ) - (11 )
Income from continuing operations before income taxes and equity in
earnings of affiliated companies 71 56 308 210
Provision for income taxes (including tax certain items) (41 ) (8 ) (92 ) (60 )
Equity in earnings of affiliated companies 2 2 - 11
Income from continuing operations 32 50 216 161
Income (loss) from discontinued operations, net of tax (H) 4 1 2 (1 )
Net income 36 51 218 160
Net income attributable to noncontrolling interests 5 4 19 7
Net income attributable to Cabot Corporation $ 31 $ 47 $ 199 $ 153
Diluted earnings per share of common stock
attributable to Cabot Corporation
Continuing operations $ 0.43 $ 0.72 $ 3.01 $ 2.37
Discontinued operations (H) 0.05 0.01 0.02 (0.01 )
Net income attributable to Cabot Corporation $ 0.48 $ 0.73 $ 3.03 $ 2.36
Adjusted earnings per share
Adjusted EPS (I) $ 0.85 $ 0.78 $ 3.43 $ 2.93
Weighted average common shares outstanding
Diluted 65.1 64.7 65.1 64.5
(A) The amounts above have been recast for all periods to reflect the movement of the Elastomer Composites product line from the Advanced Technologies segment to the Reinforcement Materials segment and the Inkjet Colorants and Aerogel product lines from the Advanced Technologies segment to the Performance Chemicals segment. Specialty Fluids, which was previously included in the Advanced Technologies segment, will now be a stand-alone reporting segment.
(B) Beginning in the second quarter of fiscal 2014, a reclassification between Purification Solutions and Unallocated and other sales has been made in the table above in order to align the presentation of shipping and handling fees on customer sales with the rest of Cabot’s businesses. Historical periods have been adjusted to reflect this reclassification.
(C) Unallocated and other reflects royalties, other operating revenues, external shipping and handling fees, the impact of unearned revenue, the removal of 100% of the sales of an equity method affiliate and discounting charges for certain Notes receivable.
(D) Segment EBIT is a measure used by Cabot’s Chief Operating Decision-Maker to measure consolidated operating results, assess segment performance and allocate resources. Segment EBIT includes equity in earnings of affiliated companies, royalty income, and allocated corporate costs.
(E) Fiscal 2013 Segment EBIT and unallocated corporate costs have been recast from the reporting of the first three quarters of fiscal 2013 to reflect an allocation of costs to the Purification Solutions segment for corporate administrative and functional support. These allocations were previously reflected in Unallocated corporate costs and other segment results. The recast results for each quarter of fiscal 2013 are consistent with those that were presented in conjunction with Cabot’s year end fiscal 2013 earnings release.
(F) Details of certain items are presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table.
(G) General unallocated expense includes foreign currency transaction gains (losses), interest income, dividend income, the profit related to unearned revenue, and the impact of LIFO accounting.
(H) Amounts relate primarily to the divestiture of the Security Materials business and the Supermetals business.
(I) Adjusted EPS is a non-GAAP measure, and a reconciliation of Adjusted EPS to GAAP EPS is presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table.

CABOT CORPORATION CONSOLIDATED STATEMENT OF FINANCIAL POSITION
September 30, September 30,
2014 2013
Dollars in millions

Current assets:
Cash and cash equivalents $ 67 $ 95
Accounts and notes receivable, net of reserve for doubtful accounts of $7 and $8 688 633
Inventories:
Raw materials 111 100
Work in process 2 2
Finished goods 341 309
Other 44 44
Total inventories 498 455
Prepaid expenses and other current assets 69 58
Notes receivable from sale of business - 214
Deferred income taxes 42 36
Current assets held for sale (A) - 4
Total current assets 1,364 1,495
Property, plant and equipment, net 1,581 1,600
Goodwill 536 502
Equity affiliates 68 119
Intangible assets, net of accumulated amortization of $33 and $16 347 308
Assets held for rent 56 49
Deferred income taxes 80 68
Other assets 52 83
Non-current assets held for sale (A) - 9
Total assets $ 4,084 $ 4,233

(A) Includes amounts related to the divestiture of the Security Materials business.

CABOT CORPORATION CONSOLIDATED STATEMENT OF FINANCIAL POSITION
September 30, September 30,
2014 2013
Dollars in millions, except share and per share amounts

Current liabilities:
Notes payable $ 44 $ 264
Accounts payable and accrued liabilities 512 534
Income taxes payable 49 30
Deferred income taxes 1 2
Current portion of long-term debt 24 14
Total current liabilities 630 844
Long-term debt 1,004 1,020
Deferred income taxes 68 21
Other liabilities 291 265
Redeemable preferred stock 27 -
Stockholders’ equity:
Preferred stock:
Authorized: 2,000,000 shares of $1 par value
Issued and Outstanding: None and none - -
Common stock:
Authorized: 200,000,000 shares of $1 par value
Issued: 64,634,731 and 64,223,985 shares
Outstanding: 64,382,366 and 63,970,502 shares 64 64
Less cost of 252,365 and 253,483 shares of common treasury stock (7) (8)
Additional paid-in capital 49 39
Retained earnings 1,900 1,755
Deferred employee benefits - (2)
Accumulated other comprehensive income (64) 103
Total Cabot Corporation stockholders’ equity 1,942 1,951
Noncontrolling interests 122 132
Total stockholders’ equity 2,064 2,083
Total liabilities and stockholders’ equity $ 4,084 $ 4,233
CABOT CORPORATION
Fiscal 2013 Fiscal 2014
Dollars in millions,
except per share amounts (unaudited) Dec. Q. Mar. Q. June Q. Sept. Q. FY Dec. Q. Mar. Q. June Q. Sept. Q. FY
Sales
Reinforcement Materials (A) 483 463 491 494 1,931 533 512 538 525 2,108
Performance Chemicals (A) 217 258 260 254 989 237 264 262 259 1,022
Specialty Carbons and Formulations (A) 148 185 177 176 686 163 186 182 178 709
Metal Oxides (A) 69 73 83 78 303 74 78 80 81 313
Purification Solutions (B) 88 75 81 84 328 72 80 78 85 315
Specialty Fluids (A) 8 20 35 38 101 28 25 24 21 98
Segment Sales 796 816 867 870 3,349 870 881 902 890 3,543
Unallocated and other (B) (C) 23 24 34 26 107 28 17 38 21 104
Net sales and other operating revenues $ 819 $ 840 $ 901 $ 896 $ 3,456 $ 898 $ 898 $ 940 $ 911 $ 3,647
Segment Earnings Before Interest and Taxes (D) (E)
Reinforcement Materials (A) 52 41 49 52 194 73 65 62 59 259
Performance Chemicals (A) 32 37 45 36 150 37 46 44 41 168
Purification Solutions 5 (1 ) (8 ) (4 ) (9 ) (4 ) (7 ) 1 (19 )
Specialty Fluids (A) 1 9 18 18 46 13 9 10 7 39
Total Segment Earnings Before Interest and Taxes (E) 90 87 111 98 386 114 116 109 108 447
Unallocated and Other
Interest expense (16 ) (16 ) (15 ) (15 ) (62 ) (14 ) (13 ) (14 ) (14 ) (55 )
Certain items (F) (19 ) (20 ) (4 ) (11 ) (54 ) 24 (36 ) (7 ) (9 ) (28 )
Unallocated corporate costs (E) (12 ) (13 ) (12 ) (11 ) (48 ) (13 ) (16 ) (14 ) (11 ) (54 )
General unallocated income (expense) (G) 3 2 (3 ) (3 ) (1 ) (5 ) 4 (1 ) (2 )
Less: Equity in (earnings) loss of affiliated companies (3 ) (3 ) (3 ) (2 ) (11 ) (2 ) 2 2 (2 )
Income from continuing operations before income taxes and
equity in earnings (loss) of affiliated companies 43 37 74 56 210 109 48 80 71 308
Provision for income taxes (including tax certain items) (20 ) (16 ) (16 ) (8 ) (60 ) (24 ) (7 ) (20 ) (41 ) (92 )
Equity in earnings (loss) of affiliated companies 3 3 3 2 11 2 (2 ) (2 ) 2
Income from continuing operations 26 24 61 50 161 87 39 58 32 216
(Loss) income from discontinued operations, net of tax (H) (2 ) (1 ) 1 1 (1 ) (1 ) (1 ) 4 2
Net income 24 23 62 51 160 86 39 57 36 218
Net income (loss) attributable to noncontrolling interests 4 (4 ) 3 4 7 6 3 5 5 19
Net income attributable to Cabot Corporation $ 20 $ 27 $ 59 $ 47 $ 153 $ 80 $ 36 $ 52 $ 31 $ 199

Diluted earnings per share of common stock attributable to Cabot Corporation

Continuing operations $ 0.35 $ 0.43 $ 0.87 $ 0.72 $ 2.37 $ 1.24 $ 0.55 $ 0.79 $ 0.43 $ 3.01
Discontinued operations (H) (0.04 ) (0.01 ) 0.03 0.01 (0.01 ) (0.01 ) (0.01 ) (0.01 ) 0.05 0.02
Net income attributable to Cabot Corporation $ 0.31 $ 0.42 $ 0.90 $ 0.73 $ 2.36 $ 1.23 $ 0.54 $ 0.78 $ 0.48 $ 3.03
Adjusted earnings per share
Adjusted EPS (H) $ 0.67 $ 0.64 $ 0.84 $ 0.78 $ 2.93 $ 0.87 $ 0.83 $ 0.88 $ 0.85 $ 3.43
Weighted average common shares outstanding
Diluted 64.1 64.4 64.5 64.7 64.5 64.8 65.1 65.2 65.1 65.1
(A) The amounts above have been recast for all periods to reflect the movement of the Elastomer Composites product line from the Advanced Technologies segment to the Reinforcement Materials segment and the Inkjet Colorants and Aerogel product lines from the Advanced Technologies segment to the Performance Chemicals segment. Specialty Fluids, which was previously included in the Advanced Technologies segment, will now be a stand-alone reporting segment.
(B) Beginning in the second quarter of fiscal 2014, a reclassification between Purification Solutions and Unallocated and other sales has been made in the table above in order to align the presentation of shipping and handling fees on customer sales with the rest of Cabot’s businesses. Historical periods have been adjusted to reflect this reclassification.
(C) Unallocated and other reflects royalties, other operating revenues, external shipping and handling fees, the impact of unearned revenue, the removal of 100% of the sales of an equity method affiliate and discounting charges for certain Notes receivable.
(D) Segment EBIT is a measure used by Cabot’s Chief Operating Decision-Maker to measure consolidated operating results, assess segment performance and allocate resources. Segment EBIT includes equity in earnings (loss) of affiliated companies, royalty income, and allocated corporate costs.
(E) The first three quarters of fiscal 2013 Segment EBIT and unallocated corporate costs have been recast to reflect an allocation of costs to the Purification Solutions segment for corporate administrative and functional support. These allocations were previously reflected in Unallocated corporate costs and other segment results. The recast results for each quarter of fiscal 2013 are consistent with those that were presented in conjunction with Cabot’s year end fiscal 2013 earnings release.
(F) Details of certain items are presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table.
(G) General unallocated income (expense) includes foreign currency transaction gains (losses), interest income, dividend income, the profit related to unearned revenue, and the impact of LIFO accounting.
(H) Amounts relate primarily to the divestiture of the Security Materials business and the Supermetals business.
(I) Adjusted EPS is a non-GAAP measure, and a reconciliation of Adjusted EPS to GAAP EPS is presented in the Certain Items and Reconciliation of Adjusted EPS and Operating Tax Rate table.

CABOT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Periods ended September 30 Three Months Twelve Months
Dollars in millions 2014 2013 2014 2013
Cash Flows from Operating Activities:
Net income $ 36 $ 51 $ 218 $ 160
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization 51 46 201 190
Other non-cash charges (income), net 38 (15 ) 11 14
Changes in assets and liabilities:
Changes in certain working capital items (A) (11 ) 182 (139 ) 80
Changes in other assets and liabilities, net (7 ) 12 (21 ) (33 )
Proceeds from tax refund 20 20
Cash dividends received from equity affiliates 3 1 25 8
Cash provided by operating activities 130 277 315 419
Cash Flows from Investing Activities:
Additions to property, plant and equipment (56 ) (69 ) (171 ) (264 )
Receipts from notes receivable from sale of business - 215 39
Proceeds from sale of business 20 20
Acquisition of business, net of cash acquired - (73 )
Other investing activities, net (2 ) 2 (7 ) (2 )
Cash used in investing activities (38 ) (67 ) (16 ) (227 )
Cash Flows from Financing Activities:
Change in debt, net (89 ) (154 ) (225 ) (123 )
Cash dividends paid to common stockholders (14 ) (12 ) (54 ) (51 )
Other financing activities, net (11 ) (28 ) (23 ) (32 )
Cash used in financing activities (114 ) (194 ) (302 ) (206 )
Effect of exchange rates on cash (12 ) 3 (25 ) (11 )
(Decrease) Increase in cash and cash equivalents (34 ) 19 (28 ) (25 )
Cash and cash equivalents at beginning of period 101 76 95 120
Cash and cash equivalents at end of period $ 67 $ 95 $ 67 $ 95

(A) Includes Accounts and notes receivable, Inventories, and Accounts payable and accrued liabilities

CABOT CORPORATION CERTAIN ITEMS AND RECONCILIATION OF ADJUSTED EPS AND OPERATING TAX RATE
TABLE 1: DETAIL OF CERTAIN ITEMS
Periods ended September 30 Three Months Twelve Months Three Months Twelve Months
Dollars in millions, except per share amounts (unaudited) Dollars in Millions Per Share After Tax
2014 2013 2014 2013 2014 2013 2014 2013
$ $ $ $

per share(A)

per share(A) per share(A) per share(A)
Certain items before and after income taxes
Global restructuring activities $ (5 ) $ (6 ) $ (29 ) $ (35 ) $ (0.06 ) $ (0.03 ) $ (0.31 ) $ (0.33 )
Acquisition and integration-related charges (2 ) (3 ) (7 ) (21 ) (0.03 ) (0.05 ) (0.08 ) (0.24 )
Foreign currency (loss) gain on revaluations (1 ) (3 ) 3 - (0.02 ) (0.03 ) 0.03
Gain on existing investment in NHUMO 29 - 0.45
Legal and environmental matters and reserves (2 ) (1 ) (18 ) (1 ) (0.02 ) (0.01 ) (0.18 ) (0.01 )
Total certain items, pre-tax (9 ) (11 ) (28 ) (54 ) (0.11 ) (0.11 ) (0.15 ) (0.55 )
Tax impact of certain items 1 5 17 10
Certain items after tax (8 ) (6 ) (11 ) (44 ) (0.11 ) (0.11 ) (0.15 ) (0.55 )
Tax-related certain items
Tax impact of certain foreign exchange gains (losses) 1 (12 ) - (0.01 ) (0.19 )
Discrete tax items (20 ) 2 (17 ) 11 (0.31 ) 0.05 (0.26 ) 0.18
Total tax-related certain items (19 ) 2 (17 ) (1 ) (0.31 ) 0.05 (0.27 ) (0.01 )
Total certain items after tax (27 ) (4 ) (28 ) (45 ) (0.42 ) (0.06 ) (0.42 ) (0.56 )
Discontinued operations after income taxes (B) 4 1 2 (1 ) 0.05 0.01 0.02 (0.01 )
Total discontinued operations after tax $ 4 $ 1 $ 2 $ (1 ) $ 0.05 $ 0.01 $ 0.02 $ (0.01 )
TABLE 2: CERTAIN ITEMS STATEMENT OF OPERATIONS LINE ITEM
Periods ended September 30 Three Months Twelve Months
Dollars in millions, Pre-Tax (unaudited) 2014 2013 2014 2013
Statement of Operations Line Item (C)
Cost of sales $ (3 ) $ (3 ) $ (31 ) $ (38 )
Selling and administrative expenses (6 ) (6 ) (23 ) (16 )
Research and technical expenses - - (1 )
Other income - (2 ) 26 1
Total certain items, pre-tax $ (9 ) $ (11 ) $ (28 ) $ (54 )
TABLE 3: RECONCILIATION OF TAX CERTAIN ITEMS
Periods ended September 30 Three Months Twelve Months
Dollars in millions (unaudited) 2014 2013 2014 2013
Reconciliation of Provision for income taxes, excluding certain items, to Provision for income taxes
Provision for income taxes $ (41 ) $ (8 ) $ (92 ) $ (60 )
Less: Tax impact of certain items 1 5 17 10
Less: Tax-related certain items (19 ) 2 (17 ) (1 )
Provision for income taxes, excluding certain items $ (23 ) $ (15 ) $ (92 ) $ (69 )
TABLE 4: RECONCILIATION OF OPERATING TAX RATE
Periods ended September 30 Three Months Twelve Months
Dollars in millions (unaudited) 2014 2013 2014 2013
Reconciliation of the effective tax rate to the operating tax rate
Provision for income taxes $ (41 ) $ (8 ) $ (92 ) $ (60 )
Effective tax rate 56 % 13 % 30 % 28 %
Impact of discrete tax items:
Unusual or infrequent items (28 %) 1 % (7 %) (3 %)
Items related to uncertain tax positions 4 % 6 % 3 % 2 %
Other discrete tax items (5 %) (1 %) (2 %) 1 %
Impact of certain items - % 5 % 3 % (2 %)
Operating tax rate 27 % 24 % 27 % 26 %
TABLE 5: RECONCILIATION OF ADJUSTED EPS BY QUARTER FISCAL 2013 and FISCAL 2014
NON-GAAP MEASURE:
Periods ended (unaudited) Fiscal 2013(A) Fiscal 2014(A)
Dec. Q Mar. Q Jun. Q Sept. Q FY 2013 YTD Dec. Q Mar. Q Jun. Q Sept. Q FY 2014 YTD
Reconciliation of Adjusted EPS to GAAP EPS
Net income per share attributable to Cabot Corporation $ 0.31 $ 0.42 $ 0.90 $ 0.73 $ 2.36 $ 1.23 $ 0.54 $ 0.78 $ 0.48 $ 3.03
Less: Net (loss) income per share from discontinued operations (B) (0.04 ) (0.01 ) 0.03 0.01 (0.01 ) (0.01 ) (0.01 ) (0.01 ) 0.05 0.02
Net income per share from continuing operations $ 0.35 $ 0.43 $ 0.87 $ 0.72 $ 2.37 $ 1.24 $ 0.55 $ 0.79 $ 0.43 $ 3.01
Less: Certain items after tax per share (0.32 ) (0.21 ) 0.03 (0.06 ) (0.56 ) 0.37 (0.28 ) (0.09 ) (0.42 ) $ (0.42 )
Adjusted earnings per share $ 0.67 $ 0.64 $ 0.84 $ 0.78 $ 2.93 $ 0.87 $ 0.83 $ 0.88 $ 0.85 $ 3.43
(A) Per share amounts are calculated after tax and, where applicable, noncontrolling interests, net of tax.
(B) Amounts relate primarily to the divestiture of the Security Materials and Supermetals businesses.
(C) This table indicates the line items where certain items are recorded in the table titled Cabot Corporation Consolidated Statements of Operations.

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