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Cabot Microelectronics profits increase 17%

9:17 AM MDT | July 30, 2013 | Rebecca Coons

Cabot Microelectronics reported net income up 17% year-over-year (YOY), to $15.5 million, due to a higher gross profit margin, a favorable impact of the weaker Japanese yen reflected in other income, lower operating expenses, and a lower effective tax rate—partially offset by lower revenue. Adjusted earnings of 65 cts/share were up 18.2% YOY and beat the 58 cts/share consensus of analysts estimates reported by Thomson Reuters (New York).  Sales fell 4.9% YOY, to $110 million, as higher aluminum chemical mechanical planarization slurry products was more...

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