KFDA - NewsChannel 10 / Amarillo, TX: newschannel10.comCabot reported 4Q loss on restructuring

Cabot reported 4Q loss on restructuring

BOSTON (AP) - Specialty chemicals maker Cabot Corp. said Wednesday it posted a fiscal fourth-quarter loss mostly due to costs related to a hefty restructuring.

The company said lower volumes and high inventory costs also cut into profits.

Cabot reported an $11 million loss, or a loss of 17 cents per share. That compares with a profit of $12 million, or 18 cents per share a year ago.

Adjusted to take out one-time items, the company said it earned 30 cents per share.

Analysts surveyed by Thomson Reuters, who tend to leave out one-time items from their estimates, expected a profit of 13 cents per share.

Revenue sank to $377 million, from $553 million in the fiscal fourth-quarter of 2008.

The company said it is ahead of schedule on its planned restructuring, first announced in January, which included slashing 500 jobs, or 12 percent of its work force.

The stock rose more than 2 percent in aftermarket trading. It lost nearly 6 percent in the regular session to close at $22.65.

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