Cabot Corp (CBT) 2011 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the fourth quarter 2011 Cabot Corporation earnings conference call.

女士們先生們，美好的一天，歡迎來到卡博特公司 2011 年第四季度收益電話會議。

My name is Jonathan, and I am your operator for today.

我叫喬納森，今天我是你的接線員。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

After the prepared remarks, we will be hosting a Q&A session.

在準備好的發言之後，我們將舉辦問答環節。

(Operator Instructions) And, as a reminder, this conference call is being recorded for replay purposes.

（操作員說明）並且，作為提醒，正在錄製此電話會議以供重播。

At this time, I would like to hand the call off to Ms.

在這個時候，我想把電話轉給女士。

Erica McLaughlin, Director of Investor Relations.

投資者關係總監 Erica McLaughlin。

You may proceed, ma'am.

你可以繼續了，女士。

Thank you.

謝謝。

Good afternoon.

下午好。

I would like to welcome you to the Cabot Corporation earnings teleconference.

歡迎大家參加卡博特公司的收益電話會議。

Here this afternoon are Patrick Prevost, Cabot's President and CEO, Eddie Cordeiro, Cabot's Chief Financial Officer, Dave Miller, General Manager of the Core Segment, Sean Keohane, General Manager of the Performance Segment, Fred von Gottberg General Manager of the New Business Segment, Jim Kelly, Corporate Controller, and Brian Berube, General Counsel.

今天下午，卡博特總裁兼首席執行官 Patrick Prevost、卡博特首席財務官 Eddie Cordeiro、核心部門總經理 Dave Miller、性能部門總經理 Sean Keohane、新業務部門總經理 Fred von Gottberg 出席了會議、公司財務總監 Jim Kelly 和總法律顧問 Brian Berube。

Last night, we released results for our fourth quarter and full fiscal year 2011, copies of which are posted in the Investor Relations section of our website.

昨晚，我們發布了 2011 年第四季度和整個財年的業績，其副本張貼在我們網站的投資者關係部分。

For those on our mailing list, you received the press release either by e-mail or fax.

對於我們郵寄名單上的那些人，您通過電子郵件或傳真收到了新聞稿。

If you are not on our mailing list and are interested in receiving this information in the future, please contact Investor Relations.

如果您不在我們的郵件列表中並且有興趣在將來收到此信息，請聯繫投資者關係部。

The slide deck that accompanies this call is also available in the Investor Relations portion of our website and will be available in conjunction with the replay of the call.

本次電話會議附帶的幻燈片也可在我們網站的投資者關係部分找到，並將與電話會議重播一起提供。

I remind you that our conversation today will include forward-looking statements, which are subject to risks and uncertainties, and Cabot's actual results may differ materially from those expressed in the forward-looking statements.

我提醒您，我們今天的談話將包括前瞻性陳述，這些陳述受風險和不確定性的影響，卡博特的實際結果可能與前瞻性陳述中表達的結果存在重大差異。

A list of factors that could affect Cabot's actual results can be found in the press release we issued last night and are discussed more fully in the reports we file with the Securities and Exchange Commission, particularly in our last annual report on Form 10-K.

可以在我們昨晚發布的新聞稿中找到可能影響 Cabot 實際結果的一系列因素，並在我們向美國證券交易委員會提交的報告中進行了更全面的討論，尤其是在我們上一份 10-K 表格年度報告中。

These filings can be found in the Investor Relations portion of our website.

這些文件可以在我們網站的投資者關係部分找到。

I will now turn the call over to Patrick Prevost, who will discuss the key highlights of the Company's performance.

我現在將電話轉給帕特里克·普雷沃斯特 (Patrick Prevost)，他將討論公司業績的主要亮點。

Eddie Cordeiro will review the business segment and corporate financial details.

Eddie Cordeiro 將審查業務部門和公司財務細節。

Following this, Patrick will provide closing comments and open the floor to questions.

在此之後，Patrick 將提供結束評論並開始提問。

Patrick?

帕特里克？

Thank you, Erica, and good afternoon, ladies and gentlemen.

謝謝你，埃里卡，女士們先生們，下午好。

As we close out our fiscal year 2011, we are pleased with the level of performance displayed as well as with our accomplishments.

在我們結束 2011 財年之際，我們對所展示的績效水平和我們的成就感到滿意。

First of all, we achieved a second straight year of robust results with $3.00 of adjusted earnings per share and 16% adjusted return on invested capital.

首先，我們連續第二年取得強勁業績，調整後每股收益為 3.00 美元，調整後投資資本回報率為 16%。

This confirms a new level of earnings for the Company.

這證實了公司的新盈利水平。

We achieved these targets through margin improvements, the introduction of new products, and successful business development efforts.

我們通過提高利潤率、推出新產品和成功的業務發展努力實現了這些目標。

We've been working on these areas for a few years now, and if I look at our progress in profit per metric ton since 2008, we increased by 43% in Rubber Blacks and 11% in the Performance Segment.

我們已經在這些領域努力了幾年，如果我看看我們自 2008 年以來每公噸利潤的進展，我們的橡膠炭黑增長了 43%，性能部門增長了 11%。

In addition, we have more than doubled our revenue and improved our EBIT by over $35 million in the New Business Segment over that same time period.

此外，同期新業務部門的收入增加了一倍多，息稅前利潤增加了 3500 萬美元以上。

Second, excluding Supermetals, our efforts resulted in an impressive segment earnings increase of $40 million over 2010.

其次，不包括 Supermetals，我們的努力使分部收益比 2010 年增加了 4000 萬美元，令人印象深刻。

This represents a 30% -- 32% improvement in Rubber Blacks and a 12% improvement in the Performance Segment.

這表示橡膠炭黑提高了 30% - 32%，性能部分提高了 12%。

Thirdly, during 2011, we announced a number of capacity expansions in carbon black, in masterbatch, fumed silica, and inkjet colorants which will support our future growth.

第三，在 2011 年期間，我們宣布了炭黑、色母粒、氣相二氧化矽和噴墨著色劑的多項產能擴張，這將支持我們未來的增長。

Fourthly, we also upgraded our global ERP system and established new Europe, Middle East, and Africa headquarters in Switzerland.

第四，我們還升級了全球ERP系統，在瑞士設立了新的歐洲、中東和非洲總部。

Additionally, we chose to close our Italian masterbatch plant in Grigno.

此外，我們選擇關閉位於 Grigno 的意大利色母粒工廠。

And then finally, we set new targets for ourselves with $4.50 in adjusted earnings per share in 2014.

最後，我們為自己設定了 2014 年調整後每股收益 4.50 美元的新目標。

All of that while maintaining a return on invested capital in excess of 13%.

所有這一切，同時保持超過 13% 的投資資本回報率。

These accomplishments are a reflection of our continued efforts to execute our vision which is to deliver earnings growth through leadership in performance materials.

這些成就反映了我們為實現我們的願景所做的持續努力，即通過在性能材料方面的領先地位實現收益增長。

The execution of our strategy is what has allowed us to deliver these strong results.

我們戰略的執行使我們能夠取得這些強勁的成果。

Our strategic focus on margin improvement continues to be a critical driver of our strong financial performance.

我們對提高利潤率的戰略重點仍然是我們強勁財務業績的關鍵驅動力。

We have been very successful at increasing our profitability by expanding unit margins across our portfolio.

通過擴大我們投資組合的單位利潤率，我們在提高盈利能力方面非常成功。

We continue to implement our value pricing concepts across the segments, and we focus our efforts on higher margin products.

我們繼續在各個細分市場實施我們的價值定價理念，並將我們的努力集中在利潤率更高的產品上。

We work closely with our customers to ensure that there is a clear connection between the value provided and the prices they pay.

我們與客戶密切合作，以確保所提供的價值與他們支付的價格之間存在明確的聯繫。

In addition, our energy recovery and yield technology investments are also contributing to our results in the form of lower costs.

此外，我們的能源回收和產量技術投資也以降低成本的形式為我們的業績做出了貢獻。

In fiscal 2011, we invested in capacity expansions in order to deliver volume and earning [growth] in the future.

在 2011 財年，我們投資於產能擴張，以實現未來的銷量和盈利 [增長]。

This work will start paying off in 2012 as we have a number of new installations that have been already commissioned or are expected to come online in the near future.

這項工作將在 2012 年開始獲得回報，因為我們有許多新裝置已經投入使用或預計在不久的將來上線。

These include our new masterbatch plant in Tianjin, China, which was commissioned during the fourth quarter of the last fiscal year.

其中包括我們在中國天津的新色母粒工廠，該工廠於上一財年第四季度投產。

Our new fumed silica expansion in Jiangxi, China, our Indonesia rubber blacks capacity expansion, and a new line of our inkjet colorants capacity here in the US.

我們在中國江西的新氣相二氧化矽擴產，我們的印度尼西亞橡膠黑產能擴張，以及我們在美國的噴墨著色劑產能的新生產線。

All of those are planned to start up some time in the first fiscal quarter of 2012.

所有這些都計劃在 2012 年第一財季的某個時間啟動。

Our innovation culture and technical capabilities allow us to introduce new products on a regular basis, and it ensures that we are meeting the changing needs of our customers.

我們的創新文化和技術能力使我們能夠定期推出新產品，並確保我們滿足客戶不斷變化的需求。

This can be seen through the revenue growth in our New Business Segment which has grown to $117 million in fiscal 2011.

這可以從我們新業務部門的收入增長中看出，該部門在 2011 財年增長到 1.17 億美元。

We made notable progress with growth in inkjet sales into commercial printing applications.

我們在商業印刷應用的噴墨銷售增長方面取得了顯著進步。

And, our aerogel partners have launch new products containing Cabot material.

而且，我們的氣凝膠合作夥伴推出了包含卡博特材料的新產品。

This segment now also includes our CEC business which continue to reach key milestones during fiscal 2011.

該部門現在還包括我們的 CEC 業務，該業務在 2011 財年繼續達到關鍵里程碑。

We made this change to enable the business to have a stronger focus on growth in non-tire applications such as mining, military, and other industrial rubber products.

我們做出這一改變是為了讓業務更加專注於非輪胎應用的增長，例如採礦、軍事和其他工業橡膠產品。

At the turn of the year, we also decided to reorganize the New Business Segment to include not only CEC but also to remove corporate business development costs.

在年初，我們還決定重組新業務部門，不僅包括 CEC，還取消企業業務開發成本。

So, that the segment continued to focus on generating profitable growth.

因此，該部門繼續專注於實現盈利增長。

We acted on the portfolio management lever this year as well as when we announced the planned divestiture of our Supermetals business.

今年我們在投資組合管理槓桿上採取了行動，當我們宣布計劃剝離我們的 Supermetals 業務時。

I believe this strengthens our Company because we will eliminate the cyclicality that this business has historically brought to us.

我相信這會增強我們公司的實力，因為我們將消除這項業務歷來給我們帶來的周期性。

It also helps us focus our resources on our remaining specialty chemicals business portfolio and provides us with additional cash for strategic acquisitions.

它還有助於我們將資源集中在我們剩餘的特種化學品業務組合上，並為我們提供額外的現金用於戰略收購。

When we evaluate any potential acquisition, we will first ensure there is a fit with our strategy.

當我們評估任何潛在的收購時，我們將首先確保符合我們的戰略。

For example, this could be an extension into a new geography, a new market, or a new application in our existing portfolio.

例如，這可能是我們現有產品組合中新地域、新市場或新應用程序的擴展。

Or, it could be an adjacency where the technology and market provides some synergies to what we have today.

或者，它可能是技術和市場為我們今天所擁有的提供一些協同作用的鄰接關係。

Our key selection criteria remain -- leading market positions, unique technologies, and near-term accretion.

我們的關鍵選擇標準仍然是——領先的市場地位、獨特的技術和近期增長。

Of course, we're looking for businesses or technologies that are closely aligned with our core competencies of today as we are trying to continue to develop as a top tier specialty chemicals and performance materials Company.

當然，我們正在尋找與我們當今核心競爭力密切相關的業務或技術，因為我們正在努力繼續發展成為頂級特種化學品和高性能材料公司。

Let me now turn to the fourth quarter of 2011.

現在讓我轉到 2011 年第四季度。

The product mix and pricing management continues to benefit our results.

產品組合和定價管理繼續有利於我們的業績。

And, this is despite some softness we have experienced on the volume side.

而且，儘管我們在成交量方面經歷了一些疲軟。

Although this short-term uncertainty may continue for the next quarter, I am fully confident that our end markets remain fundamentally robust.

儘管這種短期不確定性可能會持續到下個季度，但我完全相信我們的終端市場從根本上保持強勁。

And, this is due to the many non-discretionary applications we serve, and the macro growth factors of middle class growth in emerging markets, the need for increased mobility, and a drive for energy efficiency and sustainability.

而且，這是由於我們服務的許多非自由裁量權應用程序、新興市場中產階級增長的宏觀增長因素、增加流動性的需求以及對能源效率和可持續性的推動。

During the quarter, we continued to actively manage our cash and balance sheet.

本季度，我們繼續積極管理我們的現金和資產負債表。

We ramped up our strategic growth initiatives as seen by the capital expenditures of $114 million during this quarter.

從本季度 1.14 億美元的資本支出可以看出，我們加強了戰略增長計劃。

This should come down in the coming quarters to a more appropriate rate of [$50 million to $60 million] per quarter.

這應該會在未來幾個季度下降到更合適的每季度 [5000 萬至 6000 萬美元] 的比率。

We also carefully managed our inventory levels in light of the current uncertain environment.

鑑於當前不確定的環境，我們還謹慎地管理我們的庫存水平。

Even though this caused higher cost in the period because of lower utilization levels, we think it was a prudent thing to do.

儘管由於較低的利用率水平導致該期間成本增加，但我們認為這是謹慎的做法。

We also took advantage of the low utilization rates to catch up on some efficiency maintenance activities that we have not been able to do earlier while the plants were running close to capacity during the last -- the past few quarters.

我們還利用低利用率來趕上一些效率維護活動，這些活動是我們在過去幾個季度的工廠接近產能運行時無法進行的。

We also used some of our cash to repurchase approximately 1.6 million shares which will be accretive to our EPS metrics in 2012.

我們還使用部分現金回購了約 160 萬股股票，這將增加我們 2012 年的每股收益指標。

We strive to maintain a healthy balance sheet, and we're well positioned with that capacity in order to continue to fund growth initiatives in our existing businesses, potential strategic acquisitions, or to repurchase more shares.

我們努力保持健康的資產負債表，我們有能力繼續為現有業務的增長計劃、潛在的戰略收購或回購更多股票提供資金。

I will now turn this over to Eddie to discuss the fiscal year and fourth quarter results in more detail.

我現在將把這個交給 Eddie 來更詳細地討論財政年度和第四季度的結果。

Eddie?

埃迪？

Thank you, Patrick.

謝謝你，帕特里克。

For the fiscal year 2011, we saw significant improvement in our segment EBIT from continuing operations of $40 million, excluding Supermetals, as compared to fiscal 2010.

對於 2011 財年，與 2010 財年相比，我們看到持續運營業務的 4000 萬美元（不包括 Supermetals）的息稅前利潤顯著改善。

This increase was driven by a $44 million, or 32% improvement in Rubber Blacks, and a $15 million, or 12% improvement in the Performance Segment.

這一增長是由橡膠炭黑增長 4400 萬美元或 32% 以及性能部門增長 1500 萬美元或 12% 推動的。

Both of these were driven by increased margins from our value pricing and product mix initiatives.

這兩者都是由我們的價值定價和產品組合計劃帶來的利潤增加推動的。

We also benefited from stronger volumes in our Performance Products business and improvement in our Inkjet business.

我們還受益於性能產品業務的增長和噴墨業務的改善。

While we saw substantial improvement in business operating results, we experienced increased expenses from some unfavorable items in our unallocated costs.

雖然我們看到業務經營業績有了顯著改善，但我們的未分配成本中的一些不利項目導致支出增加。

For fiscal 2011, these include a $17 million charge due to LIFO accounting related to carbon black raw materials and unfavorable foreign currency impact of $8 million, mainly related to unhedged currencies in emerging markets -- most notably the Brazilian real and other 1-time costs totaling roughly $7 million.

對於 2011 財年，其中包括與炭黑原材料相關的後進先出會計產生的 1700 萬美元費用和 800 萬美元的不利外匯影響，主要與新興市場未對沖的貨幣有關——最顯著的是巴西雷亞爾和其他一次性成本總計約700萬美元。

Excluding these items, operating results for fiscal 2011 were fundamentally stronger than the prior year.

排除這些項目，2011 財年的經營業績從根本上強於上一年。

As I turn now to the fourth fiscal quarter, total segment EBIT from continuing operations was $79 million which was $7 million higher than last year's fourth quarter driven by higher pricing and improved product mix that more than offset lower volumes and higher costs.

當我現在轉向第四財季時，來自持續經營的分部息稅前利潤總額為 7900 萬美元，比去年第四季度高出 700 萬美元，這是由於價格上漲和產品組合改善抵消了銷量下降和成本上升的影響。

Sequentially, segment profit from continuing operations decreased by $27 million.

持續經營業務的分部利潤因此減少了 2700 萬美元。

The key factors in the decrease were somewhat lower volumes and higher fixed costs including the impact from lowering inventories and higher maintenance, that Patrick mentioned, that were partially offset by higher pricing and improved product mix.

減少的關鍵因素是銷量有所下降和固定成本較高，包括帕特里克提到的庫存減少和維護費用增加的影響，但部分被更高的定價和改進的產品組合所抵消。

Higher fixed costs were approximately $20 million during the fourth quarter of which roughly half are not expected to repeat next quarter.

第四季度較高的固定成本約為 2000 萬美元，其中大約一半預計不會在下個季度重複出現。

In addition, we experienced higher general unallocated costs of $6 million driven principally by foreign exchange.

此外，我們的一般未分配成本增加了 600 萬美元，主要受外匯影響。

Before I get into the specific segment results, I want to spend a few minutes outlining some segment changes we made this quarter.

在我進入具體的細分結果之前，我想花幾分鐘概述我們本季度所做的一些細分更改。

First, due to the announced divestiture of the Supermetals business, we've removed the Supermetals profit from continuing operations to discontinued operations.

首先，由於已宣布剝離 Supermetals 業務，我們已將 Supermetals 的利潤從持續經營業務中剔除至停產業務。

In our prior reporting, there were approximately $10 million of annual corporate costs allocated to the Supermetals business which have been redistributed to our remaining businesses.

在我們之前的報告中，大約有 1000 萬美元的年度企業成本分配給了 Supermetals 業務，這些成本已重新分配給我們的其餘業務。

As such, all prior periods have been recast for these changes.

因此，所有先前期間都已針對這些變化進行了重鑄。

Second, we have made a couple of changes to the New Business Segment.

其次，我們對新業務部門進行了一些更改。

First, we are now including our Elastomer Composites business, or CEC, in the New Business Segment instead of the Rubber Blacks business.

首先，我們現在將彈性體複合材料業務 (CEC) 納入新業務部門，而不是橡膠炭黑業務。

We made this change to enable this business to have a stronger focus on the penetration of CEC in non-tire applications such as mining, military, and other industrial rubber products.

我們進行此更改是為了使該業務更加關注 CEC 在非輪胎應用（例如採礦、軍事和其他工業橡膠產品）中的滲透。

The second change we made this quarter was to move the reporting of our corporate development costs related to new technology efforts which is roughly $10 million per year from the New Business Segment to unallocated corporate costs.

我們本季度做出的第二個改變是將與新技術工作相關的公司開發成本報告從新業務部門轉移到未分配的公司成本，每年大約 1000 萬美元。

This move is intended to create greater alignment for these activities as they not only focus on new technology but support the broader organization.

此舉旨在為這些活動創造更大的一致性，因為它們不僅關注新技術，而且支持更廣泛的組織。

All prior periods have been recast to reflect these changes as well.

所有以前的時期都已重新編制以反映這些變化。

Finally, we have moved the benefit or expense related to our LIFO accounting methodology from the Rubber Blacks business and the Performance Segment to general, unallocated expense.

最後，我們已將與我們的 LIFO 會計方法相關的收益或費用從 Rubber Blacks 業務和 Performance Segment 轉移到一般未分配費用。

We did this to ensure better clarity of fundamental business profitability.

我們這樣做是為了確保更清楚地了解基本業務的盈利能力。

In fiscal 2011, this was an expense of $17 million.

在 2011 財年，這是一項 1700 萬美元的支出。

Once again, all prior periods have also been recast to reflect this change.

同樣，所有之前的期間也都進行了重鑄以反映這一變化。

I will now discuss the details at the segment level beginning with the Rubber Blacks business.

我現在將從 Rubber Blacks 業務開始討論細分級別的詳細信息。

In the Rubber Blacks business, EBIT in the fourth quarter of 2011 increased by $13 million from the fourth quarter of 2010.

在橡膠炭黑業務方面，2011 年第四季度的息稅前利潤比 2010 年第四季度增加了 1300 萬美元。

The increase was driven principally by higher margins, resulting from higher prices, a favorable product mix, and energy efficiency investments.

增長的主要原因是更高的價格、有利的產品組合和能效投資帶來的更高利潤。

These positive factors more than offset the impact of higher fixed costs and lower global volumes.

這些積極因素足以抵消較高的固定成本和較低的全球銷量的影響。

Sequentially, EBIT declined $19 million from the third fiscal quarter of 2011.

與 2011 年第三財季相比，息稅前利潤下降了 1900 萬美元。

This resulted from lower volumes and higher fixed costs.

這是由於銷量下降和固定成本上升所致。

The decision to reduce our inventory levels drove lower plant utilization during the quarter which unfavorably impacted our costs.

降低庫存水平的決定降低了本季度的工廠利用率，這對我們的成本產生了不利影響。

We also performed additional maintenance during the quarter while certain plants were running at lower rates.

我們還在本季度進行了額外的維護，而某些工廠的運行速度較低。

Globally, our volumes declined moderately -- that is by 3% to 4% -- both year-over-year and sequentially.

在全球範圍內，我們的銷量同比和環比略有下降——即 3% 至 4%。

These changes are relative to exceptionally strong demand levels we experienced late last year and earlier this year.

這些變化與我們去年年底和今年早些時候經歷的異常強勁的需求水平有關。

While the reasons for lower volumes vary by region, there are three main drivers that explain the majority of the change.

雖然銷量下降的原因因地區而異，但三個主要驅動因素可以解釋大部分變化。

The first is that we have seen some moderate downstream softening across our system.

首先是我們已經看到整個系統的下游出現一些適度的軟化。

The exception is Japan, where the post-tsunami recovery was strong during the fourth quarter.

日本是個例外，第四季度海嘯後的複蘇勢頭強勁。

The second is we experienced some inventory corrections from our customers, most prominently in North America and Europe.

第二個是我們的客戶進行了一些庫存調整，最突出的是北美和歐洲。

The third driver of lower volumes was the impact of our value pricing strategy.

銷量下降的第三個驅動因素是我們的價值定價策略的影響。

We are focused on capturing the highest margin sales opportunities, and we're making trade-offs between volume and price to optimize our overall portfolio.

我們專注於捕捉利潤率最高的銷售機會，我們正在數量和價格之間進行權衡以優化我們的整體產品組合。

Today's economic uncertainty will likely lead our customers to remain cautious with purchases in inventories in the near-term.

今天的經濟不確定性可能會導致我們的客戶在短期內對庫存採購保持謹慎。

However, we remain confident in the longer term fundamentals that drive demand for rubber blacks as well as we continue to manage the quarterly fluctuations that have become a normal part of doing business in the global economy.

然而，我們對推動橡膠黑需求的長期基本面仍然充滿信心，並且我們將繼續管理季度波動，這已成為全球經濟中開展業務的正常組成部分。

As we looked ahead, our value pricing initiative remains a top focus, especially as we negotiate some of our supply agreements for the next calendar year.

展望未來，我們的價值定價計劃仍然是重中之重，尤其是在我們談判下一個日曆年的一些供應協議時。

In addition, the over $10 billion in tire investments announced over the last 12 months supports our growth plan and our previously announced capacity expansions will supply products to our customers for this increasing demand.

此外，過去 12 個月宣布的超過 100 億美元的輪胎投資支持我們的增長計劃，我們之前宣布的產能擴張將為我們的客戶提供產品以滿足不斷增長的需求。

The first of the new rubber blacks capacity in Indonesia is expected to start up in the first fiscal quarter of 2012 and will enable volume growth in the back half of the year.

印度尼西亞的首批橡膠黑新產能預計將於 2012 年第一財季啟動，並將在今年下半年實現銷量增長。

In the Performance Segment, EBIT decreased by $2 million and $16 million as compared to the fourth quarter of 2010 and the third quarter of fiscal 2011, respectively.

在績效部分，與 2010 年第四季度和 2011 財年第三季度相比，息稅前利潤分別減少了 200 萬美元和 1600 萬美元。

The decrease in both periods was driven principally by higher fixed costs and lower volumes partially offset by improved EBIT margins.

兩個時期的下降主要是由於較高的固定成本和較低的銷量被提高的息稅前利潤率部分抵消。

As I described with Rubber Blacks, the higher fixed costs were driven by our decision to reduce our inventory levels which drove lower plant utilizations and additional maintenance performed during the quarter.

正如我在 Rubber Blacks 中所描述的那樣，較高的固定成本是由我們降低庫存水平的決定推動的，這導致本季度工廠利用率降低和額外維護。

In the Performance Segment, we also experienced incremental costs associated with the startup of our new masterbatch capacity in Tianjin, China.

在性能部分，我們還經歷了與在中國天津啟動新母粒產能相關的增量成本。

In terms of volumes, the sequential decrease in the Performance Products business was driven primarily by the impact of declining polymer prices on our volumes that are sold into plastics applications and the impact of declining copper prices on our products sold into wire and cable applications.

就銷量而言，性能產品業務的環比下降主要是由於聚合物價格下降對我們銷售到塑料應用中的銷量的影響，以及銅價下降對我們銷售到電線電纜應用中的產品的影響。

As we look ahead, we continue to see strength in the infrastructure sector in emerging markets, and we have seen some demand stabilizing in plastics as polymer prices have leveled off in recent months.

展望未來，我們繼續看到新興市場基礎設施領域的實力，並且隨著近幾個月聚合物價格趨於平穩，我們看到塑料的一些需求趨於穩定。

In addition to the new masterbatch capacity that came online in the fourth quarter, we are preparing for the first phase of our new fumed silica capacity in Jiangxi, China to start up in the first quarter of 2012.

除了第四季度投產的新色母粒產能外，我們還在為 2012 年第一季度在中國江西新建的氣相法二氧化矽一期產能做準備。

This capacity will be highly cost competitive and enable volume growth in the second half of the year.

這種產能將具有很強的成本競爭力，並能在今年下半年實現銷量增長。

This quarter was the second strongest quarter for revenue and EBIT in history for our Specialty Fluids Segment, only surpassed by an extremely strong fiscal fourth quarter of 2010.

本季度是我們特種流體部門歷史上收入和息稅前利潤第二強勁的季度，僅次於 2010 財年第四季度極其強勁的表現。

As we mentioned last quarter, we saw activity levels improving, resulting in EBIT of $12 million in the fourth fiscal quarter of 2011.

正如我們在上個季度提到的，我們看到活動水平有所改善，導致 2011 年第四財季的息稅前利潤為 1200 萬美元。

While EBIT in this segment remains lumpy quarter-to-quarter, we continue to make progress with an increase in the number of jobs and a higher percentage of sales outside the North Sea in 2011 as compared to 2010.

雖然該部門的息稅前利潤每季度仍然不穩定，但我們繼續取得進展，與 2010 年相比，2011 年北海以外地區的工作崗位數量有所增加，銷售額比例也有所提高。

We continue to work on increasing our geographic presence, and we see a solid pipeline of projects ahead of us.

我們繼續致力於擴大我們的地域影響力，並且我們看到我們前面有大量項目。

The New Business Segment had record sales in fiscal 2011 of $117 million as we continue to further commercialize our unique products.

隨著我們繼續進一步將我們獨特的產品商業化，新業務部門在 2011 財年的銷售額達到創紀錄的 1.17 億美元。

EBIT in the fourth fiscal quarter was $2 million which was a decrease of $2 million from the same period last year.

第四財季息稅前利潤為200萬美元，比去年同期減少200萬美元。

As I mentioned earlier, we now include our CEC business in this segment.

正如我之前提到的，我們現在將我們的 CEC 業務包括在這個細分市場中。

As such, the timing of revenue recognition of milestone achievements from our agreement with Michelin caused the decline for both the fourth quarter and the full year as compared to the same periods of 2010.

因此，與 2010 年同期相比，我們與米其林達成的協議里程碑式成就的收入確認時間導致第四季度和全年均出現下降。

CEC remains on track to achieve key tire and non-tire milestones as we remain confident in the future of this business.

由於我們對這項業務的未來充滿信心，CEC 仍有望實現關鍵的輪胎和非輪胎里程碑。

The outlook for our New Business Segment and our new technology efforts is very promising.

我們的新業務部門和我們的新技術努力的前景非常樂觀。

The first part of our inkjet capacity increase is planned to start up in the first fiscal quarter of 2012 which will support growth of our existing customers.

我們噴墨產能增長的第一部分計劃在 2012 年第一財季啟動，這將支持我們現有客戶的增長。

In aerogel, we continue to make great strides with strategic partners that we expect will continue to grow this business.

在氣凝膠方面，我們繼續與戰略合作夥伴取得長足進步，我們預計這些合作夥伴將繼續發展這項業務。

Today, we are pleased to announce a new technology licensing agreement with XG Sciences related to graphene technology.

今天，我們很高興地宣布與 XG Sciences 達成一項與石墨烯技術相關的新技術許可協議。

XG Sciences is a private company that manufactures and sells carbon graphenes.

XG Sciences 是一家生產和銷售碳石墨烯的私營公司。

The agreement enables Cabot to further develop and accelerate our graphene materials program by providing access to XG Sciences capabilities and materials.

該協議使 Cabot 能夠通過提供對 XG Sciences 能力和材料的訪問權限來進一步開發和加速我們的石墨烯材料計劃。

XG Sciences and Cabot will also work together to advance process technology for this new performance material.

XG Sciences 和 Cabot 還將合作推進這種新型性能材料的工藝技術。

We ended the quarter with a cash balance of $286 million which was a decrease of $58 million from June 30, 2011.

本季度結束時，我們的現金餘額為 2.86 億美元，比 2011 年 6 月 30 日減少了 5800 萬美元。

The decrease in the cash balance was driven by capital expenditures of $114 million for growth initiatives including capacity expansions and energy recovery technology installations and for sustaining [inefficiency] capital.

現金餘額減少的原因是 1.14 億美元的資本支出用於增長計劃，包括產能擴張和能源回收技術安裝以及維持 [低效率] 資本。

We also repurchased approximately 1.6 million shares of stock for approximately $50 million.

我們還以大約 5000 萬美元的價格回購了大約 160 萬股股票。

These uses of cash were partially offset by solid operating results and a reduction in net working capital of $17 million.

這些現金使用被穩健的經營業績和 1700 萬美元的淨營運資金減少部分抵消。

We recorded a net tax provision of $2 million for the fourth quarter.

我們在第四季度記錄了 200 萬美元的淨稅收撥備。

This was net of $9 million of discrete tax benefits.

這是扣除 900 萬美元的離散稅收優惠後的淨額。

Our quarterly operating tax rate on continuing operations for the fourth quarter was 25% excluding discrete tax benefits and the impact of certain items.

我們第四季度持續經營的季度營業稅率為 25%，不包括離散稅收優惠和某些項目的影響。

Our tax rate on discontinued operations for the fourth quarter was 39%.

我們第四季度終止經營的稅率為 39%。

For fiscal 2012, we expect to spend approximately $200 million to $250 million in capital expenditures, and we expect a continuing operations tax rate of 24% to 25%.

對於 2012 財年，我們預計資本支出約為 2 億至 2.5 億美元，我們預計持續經營稅率為 24% 至 25%。

I will now turn the call back over to Patrick.

我現在將把電話轉回給帕特里克。

Thank you, Eddie.

謝謝你，艾迪。

Let me summarize what we've talked about here today.

讓我總結一下我們今天在這裡討論的內容。

First of all, I am pleased with our 2011 performance as we have confirmed a higher level of earnings at Cabot.

首先，我對我們 2011 年的業績感到滿意，因為我們已經確認 Cabot 的收益水平更高。

We continue to show success in our value pricing initiative that has contributed to a strong 2011, and it will continue to contribute to our earnings growth in the future.

我們繼續在我們的價值定價計劃中取得成功，這為 2011 年的強勁表現做出了貢獻，並將繼續為我們未來的盈利增長做出貢獻。

I remain very confident in the strength of our end markets and their macro drivers.

我仍然對我們終端市場的實力及其宏觀驅動力充滿信心。

And, we continue to improve as a top tier, specialty chemicals Company and are intensely focused on our growth agenda while working on multiple efficiency projects.

而且，作為一流的特種化學品公司，我們不斷改進，並在致力於多個效率項目的同時高度關注我們的增長議程。

Finally, I'm confident on our ability to achieve our long-term objectives, and I'm excited about the future of our Company.

最後，我對我們實現長期目標的能力充滿信心，我對公司的未來感到興奮。

Thank you very much for joining us today, and I will now turn the call back over for our question-and-answer session.

非常感謝您今天加入我們，我現在將把電話轉回我們的問答環節。

(Operator Instructions) Your first question is coming from the line of Saul Ludwig with Northcoast Research.

（操作員說明）您的第一個問題來自 Northcoast Research 的 Saul Ludwig。

Good afternoon, everybody.

大家下午好。

Good afternoon, Saul.

下午好，索爾。

2 questions here.

這裡有2個問題。

The $3.00 that you earn, if you were to adjust that for adding back in special items and also subtracting out the discrete tax items.

您賺取的 3.00 美元，如果您要調整它以加回特殊項目並減去離散稅項。

Where would we be?

我們會在哪裡？

Let me -- let me look at this.

讓我——讓我看看這個。

I believe that we would be, excluding Supermetals, we've got a lot of moving parts here.

我相信我們會，除了 Supermetals，我們這裡有很多活動部件。

Just a second, Saul.

稍等一下，掃羅。

I'm sorry, Saul, could you ask the question again?

對不起，索爾，你能再問一遍嗎？

Yes.

是的。

If you don't count discrete tax items for the year -- that would be one piece, and then you have what you call special items.

如果你不計算當年的離散稅收項目——那將是一件，然後你就有了所謂的特殊項目。

Those two adjustments?

那兩個調整？

So, from a continuing operations basis, Saul, excluding discrete tax items, adjusted EPS would be $2.41.

因此，從持續經營的角度來看，Saul 在不計入離散稅項的情況下，調整後的每股收益為 2.41 美元。

And does that include the --?

這是否包括——？

Saul, to be clear -- that's continuing operations.

索爾，要明確——這是持續經營。

So, it does not include any of the profitability from Supermetals.

因此，它不包括 Supermetals 的任何盈利能力。

Yes, but does it include your restructuring or other costs that you call your special items?

是的，但它是否包括您稱為特殊項目的重組或其他成本？

We could cover this --

我們可以涵蓋這個——

Saul, it's Jim here.

索爾，我是吉姆。

If you are starting with your $3.00 -- I think if you run through the numbers, we've got certain items of $0.04.

如果您從 3.00 美元開始——我想如果您計算一下這些數字，我們有一些 0.04 美元的商品。

So, you'd have to adjust for those and then tax of $0.13.

因此，您必須針對這些進行調整，然後再繳納 0.13 美元的稅。

Discrete tax of $0.13.

0.13 美元的離散稅。

That's in the fourth quarter.

那是在第四季度。

I'm talking about for the year?

我說的是一年？

For the year, okay.

過年就好了

Saul, sorry.

索爾，對不起。

It's $3.00 adjusted EPS.

調整後每股收益為 3.00 美元。

So, that would be continuing operations, and it excludes our certain items.

因此，這將是持續經營，並且不包括我們的某些項目。

If you wanted to then exclude the discrete tax, you would be at the $2.41 that Eddie was talking about.

如果您隨後想排除離散稅，您將達到 Eddie 所說的 2.41 美元。

Got you, okay.

明白了，好吧。

That's a good answer to that question.

這是對那個問題的一個很好的回答。

Then the second.

然後是第二個。

I think, Eddie, you mentioned that the additional fixed costs in the fourth quarter were about $20 million.

我想，埃迪，你提到第四季度的額外固定成本約為 2000 萬美元。

I think in the press release, it was $11 million in Rubber Blacks and $10 million in Performance.

我認為在新聞稿中，Rubber Blacks 為 1100 萬美元，Performance 為 1000 萬美元。

And, I think you said that in the first quarter, they would be half as much.

而且，我想你說過在第一季度，他們會減半。

Is that because you are going to continue to work off inventories, and then, after the first quarter, do those additional costs go way?

那是因為您將繼續處理庫存，然後在第一季度之後，這些額外成本會消失嗎？

So, I guess, Saul, when we look into the first quarter, it's hard for us to know exactly where the inventory position will be.

所以，我想，索爾，當我們研究第一季度時，我們很難確切知道庫存狀況。

It will really depend on how the quarter plays out in terms of the volumes that we would expect to see both through the quarter and into the coming quarter.

這實際上取決於本季度在我們預計整個季度和下一季度的銷量方面的表現。

On the maintenance costs and the additional costs, we would expect that a substantial portion of those would go way because we would not be doing the same number of turnarounds, but we do still have some maintenance that's expected throughout the first quarter.

關於維護成本和額外成本，我們預計其中很大一部分將會消失，因為我們不會進行相同數量的周轉，但我們在整個第一季度仍有一些預期的維護。

That's why we think that roughly half of that would go away.

這就是為什麼我們認為其中大約一半會消失的原因。

That's kind of why you're giving some more cautious commentary about the first quarter?

這就是為什麼你對第一季度發表一些更謹慎的評論？

That's correct.

這是正確的。

And, finally, does that fixed costs -- do those higher costs in the first quarter include the startup costs on all the new capacity additions that you are going to have in the first quarter?

最後，固定成本是否 - 第一季度的那些較高成本是否包括您將在第一季度擁有的所有新產能增加的啟動成本？

It included some of the startup costs that took place in the fourth quarter, and going into the first quarter, we don't have any substantial startups taking place.

它包括第四季度發生的一些啟動成本，進入第一季度，我們沒有任何實質性的啟動。

Except that we would have a full quarter's worth of costs.

除了我們會有一個完整季度的成本。

Then, going in beyond that, we would have our fumed silica capacity coming online in the second quarter, and we might see some of those costs.

然後，除此之外，我們的氣相二氧化矽產能將在第二季度上線，我們可能會看到其中一些成本。

We also have the startup of our Indonesian carbon black operation in the second quarter of fiscal --.

我們還在本財年第二季度啟動了印度尼西亞炭黑業務。

Any quantification of what those startup costs might be that we should at least think about them appropriately?

這些啟動成本的任何量化可能是我們至少應該適當考慮的？

I would say we don't normally give that level of detail.

我會說我們通常不會提供那種程度的細節。

I would say they are in the single-digit millions of dollars, Saul.

我會說他們是個位數的數百萬美元，掃羅。

Great.

偉大的。

Thank you very much.

非常感謝。

My pleasure.

我的榮幸。

Your next question is coming from the line of Mr.

你的下一個問題來自於先生。

John Roberts with Buckingham Research.

約翰·羅伯茨與白金漢研究中心。

Good afternoon.

下午好。

Good afternoon, John.

下午好，約翰。

I was a little surprised that the CEC business was moved over to the New Business Segment.

我對 CEC 業務轉移到新業務部門感到有些驚訝。

And, the reason I was surprised is I would've thought that on-road tires would eventually be a big part of CEC, and therefore, it fit pretty well with the Core business?

而且，我感到驚訝的原因是我會認為公路輪胎最終會成為 CEC 的重要組成部分，因此，它非常適合核心業務？

Right, John.

對，約翰。

So, we made a decision that was actually driven more by the non-tire activities of CEC.

因此，我們做出的決定實際上更多地是由 CEC 的非輪胎活動驅動的。

The tire business and the development of the relationship and the agreement with Michelin is on track, and it's going to continue to be managed by the Core Segment.

輪胎業務、關係的發展以及與米其林的協議都在進行中，並將繼續由核心部門管理。

So, that is well said.

所以，說得好。

But a lot of the value that we currently perceive to be existing in that CEC business -- that is also including a manufacturing operation in Malaysia -- is going to be in non-tire applications that really -- where really there is no expertise or little expertise in the Core Segment.

但我們目前認為存在於 CEC 業務中的很多價值——也包括在馬來西亞的製造業務——將在非輪胎應用中真正——真正沒有專業知識或核心部分的專業知識很少。

And, we felt that separating that business from the Core Segment also considering its size was going to give it more space to develop and grow its development in the mining, defense, and other industrial applications.

而且，我們認為，將該業務與核心部門分開，同時考慮到其規模，將為其在採礦、國防和其他工業應用領域的發展和發展提供更多空間。

So, will the CEC business eventually be split when the passenger tire business eventually ramps up, it would -- or on-road tire truck and passenger -- would that be moved out of New Business?

那麼，當乘用輪胎業務最終增長時，CEC 業務是否最終會被拆分，或者公路輪胎卡車和客運輪胎業務是否會被移出新業務？

Or be with the Core?

還是與核心在一起？

Or, will you have tire-based business in New Business and tire-base business in Core?

或者，你會在新業務中有輪胎業務，在核心業務中有輪胎業務嗎？

So, in the early stages, we will be reporting the performance of the business within the New Business Segment.

因此，在早期階段，我們將報告新業務部門的業務績效。

As the tire business ramps up, and we look at potentially building new plants and new capacity, we'll have to consider that as an option.

隨著輪胎業務的增長，我們正在考慮建設新工廠和新產能的可能性，我們將不得不考慮將其作為一種選擇。

Okay.

好的。

And then, secondly, the -- [Tantaline] transaction or the Supermetals transaction -- the contingency payment is larger than the upfront payment.

然後，其次，--[Tantaline] 交易或 Supermetals 交易--應急付款大於預付款。

So, 2 years from now, that's a one-time lump, and it's a minimum of [225] no matter how the business does?

那麼，從現在起 2 年後，這是一次性的腫塊，無論業務如何，它至少是 [225]？

Or, is there a downside from [225] if we go through a recession and there is some weakness in the business?

或者，如果我們經歷經濟衰退並且業務存在一些弱點，[225] 是否有負面影響？

And, how much could the upside be actually if that business knocks the lights out?

而且，如果該業務停產，實際上有多少好處？

So, we have 2 payments.

所以，我們有 2 筆付款。

We have a payment on closing which is $175 million, and 2 years hence, we have a payment of $215 million, and those are guaranteed payments.

我們在交易結束時支付了 1.75 億美元，2 年後，我們支付了 2.15 億美元，這些都是保證付款。

And then, we continue to participate in the value generation of the business to the tune of 50% through that 2-year period with a minimum contribution to us guaranteed by the buyer of $11.5 million.

然後，在 2 年期間，我們繼續參與業務的價值創造，達到 50%，買方保證對我們的最低貢獻為 1150 萬美元。

So, none of these values that I've mentioned are going to be affected by how the business performs, except for the fact that we have some upside beyond the $11.5 million if the business performs well.

因此，我提到的這些價值都不會受到業務表現的影響，除非如果業務表現良好，我們有超過 1150 萬美元的上漲空間。

Over the next 2 years?

未來兩年？

Over the next 2 years.

在接下來的 2 年裡。

That's correct.

這是正確的。

Okay, thank you.

好的謝謝。

Your next question is coming from the line of Christopher Butler with Sidoti & Company.

你的下一個問題來自 Sidoti & Company 的 Christopher Butler。

Hi.

你好。

Good afternoon, everyone.

大家下午好。

Good afternoon, Chris.

下午好，克里斯。

Looking at some of your expansion plans here -- maybe starting with inkjet with that opening here in the first quarter.

看看你在這裡的一些擴張計劃——也許從第一季度在這裡開業的噴墨開始。

Demand has been pretty good on the inkjet side.

噴墨方面的需求相當不錯。

Do you think that this is going to be a drag to earnings in the first quarter?

您認為這會拖累第一季度的收益嗎？

Is that part of your cautiousness?

這是你謹慎的一部分嗎？

Or is this something that you think you can fill it up pretty quickly with good demand?

或者這是您認為可以很快滿足需求的東西嗎？

We're very pleased with the development of the inkjet business, and a lot of it has actually been because we are seeing the inkjet technology actually starting to displace some of the traditional offset printing technology at a lower cost.

我們對噴墨業務的發展感到非常高興，其中很大一部分實際上是因為我們看到噴墨技術實際上開始以較低的成本取代一些傳統的膠印技術。

So, a lot of the commercial printers, beyond the traditional office and home business, is really taking off.

因此，許多超越傳統辦公室和家庭業務的商業打印機真正起飛。

And, we believe that the plant that we will be starting up next year will be loaded extremely rapidly.

而且，我們相信我們明年將啟動的工廠將以極快的速度加載。

So, it really is not going to be any of our concern with regard to the uncertain economic environment is not going to be linked to the inkjet business.

因此，對於不確定的經濟環境，我們不會擔心與噴墨業務無關。

And, shifting gears over to Rubber Black.

並且，換檔到橡膠黑。

I know that you have some capacity planned here, and as of right now, volumes are little bit soft.

我知道你們在這裡計劃了一些產能，截至目前，成交量有點疲軟。

Could you talk to the competitive environment that you're facing right now here?

你能談談你現在在這裡面臨的競爭環境嗎？

When you expect volumes to begin to rebound?

您預計交易量何時開始反彈？

And, are all your competitors being good competitors right now?

而且，您現在所有的競爭對手都是好競爭對手嗎？

Well, the environment has softened, as I mentioned earlier during my speech.

好吧，正如我之前在演講中提到的，環境已經軟化了。

We're seeing a number of things, and it is very difficult to be very precise because the movements are differing depending on the geographies and the customers.

我們看到了很多事情，而且很難非常精確，因為運動因地理位置和客戶而異。

But, we're seeing a combination of factors here.

但是，我們在這裡看到了多種因素的組合。

2 which are somewhat out of our control.

2 這有點超出我們的控制範圍。

One is, we are seeing customers doing inventory adjustments because they're concerned about the developments ahead of them.

一是，我們看到客戶正在進行庫存調整，因為他們擔心未來的發展。

We see some demand softness which I think is related to prudence in terms of purchasing behaviors by either commercial or retail buyers.

我們看到一些需求疲軟，我認為這與商業或零售買家在購買行為方面的謹慎有關。

And then, finally, there's also something that we're doing which is related to our pricing strategy.

然後，最後，還有一些我們正在做的事情與我們的定價策略有關。

We've been very keen on putting price before volume and have decided to focus on the right products in the right markets at the right price which means that we have deliberately given up some business to ensure that we maintain our pricing structure and that our earnings are supported.

我們一直非常熱衷於將價格置於銷量之前，並決定以合適的價格在合適的市場專注於合適的產品，這意味著我們有意放棄了一些業務，以確保我們維持我們的定價結構和我們的收益得到支持。

So, all of this has led to utilization rate in the carbon black business declining by several percentage points.

因此，所有這些都導致炭黑業務的利用率下降了幾個百分點。

We believe that we are currently in the mid- to upper [80s], but we're looking at an October -- and I will talk a little bit about October here.

我們相信我們目前處於中上層 [80 年代]，但我們正在尋找 10 月——我將在這裡談談 10 月。

Where we -- although we are cautious about the quarter in which we are in right now, we haven't seen any further deterioration of the business at this stage which makes us confident that we may have hit the bottom of the decline.

我們 - 儘管我們對我們現在所在的季度持謹慎態度，但我們在現階段沒有看到業務進一步惡化，這使我們相信我們可能已經觸底。

And, what we are also seeing is that we -- our customers -- most of our customers are running at fairly low inventories based on the input we are getting from them.

而且，我們還看到，我們——我們的客戶——根據我們從他們那裡得到的信息，我們的大多數客戶的庫存都相當低。

So, all in all, cautious but optimistic, and we think that the business should be picking up again in the coming months.

因此，總而言之，謹慎但樂觀，我們認為未來幾個月業務應該會再次好轉。

Just finally, understanding that you have a lot of CapEx planned.

最後，了解到您計劃了很多資本支出。

Other than that, your preferred use of cash with the closing of Supermetals here in front of us, would it be buying back shares?

除此之外，您在我們面前關閉 Supermetals 時首選的現金使用方式是回購股票嗎？

Or, acquisition opportunities as you see them now?

或者，您現在看到的收購機會？

We are looking at the trade-off -- which we need to -- the trade-off logic that we need to apply to using this cash.

我們正在研究權衡——我們需要——我們需要應用到使用這筆現金的權衡邏輯。

We have a certain priority here -- the working capital and CapEx investments for growth and sustaining capital are, of course, the top priorities.

我們在這裡有一定的優先權——用於增長和維持資本的營運資本和資本支出投資當然是重中之重。

Then, we of course need to maintain our dividend payments.

然後，我們當然需要維持我們的股息支付。

And, share repurchases and acquisitions are 2 options we will continue to monitor as we consider the value that these opportunities could bring to the shareholders.

而且，股票回購和收購是我們將繼續監控的兩種選擇，因為我們考慮這些機會可能給股東帶來的價值。

We've got a pretty clear -- I would say -- vision in terms of what acquisitions should be and how they would contribute to us.

我們有一個非常清晰的——我想說——關於收購應該是什麼以及它們將如何為我們做出貢獻的願景。

And, we will be very selective in the process of looking at them.

而且，我們在查看它們的過程中會非常有選擇性。

I appreciate your time.

我感謝你的時間。

Thank you, Chris.

謝謝你，克里斯。

Your next question is coming out of the line of Laurence Alexander with Jefferies.

你的下一個問題來自 Laurence Alexander 與 Jefferies 的合作。

Good afternoon.

下午好。

Hello, Laurence.

你好，勞倫斯。

Hello.

你好。

I guess, 3 questions, and let's see if I can phrase these properly.

我想，有 3 個問題，讓我們看看我能否正確地表達這些問題。

First, the $10 billion of tire capacity investment that you flagged.

首先，您提到的 100 億美元的輪胎產能投資。

Can you translate that into a potential market opportunity for carbon black?

您能否將其轉化為炭黑的潛在市場機會？

Let me ask Dave Miller to take this question.

讓我請戴夫·米勒回答這個問題。

Laurence, I think the $10 billion number is, I think, an indication of the optimism right now around the tire producers.

勞倫斯，我認為 100 億美元的數字表明目前輪胎生產商的樂觀情緒。

How those investments will actually unfold and how many of them will go forward, I think, would really get at your point.

我認為，這些投資將如何實際開展以及其中有多少將繼續進行，這將真正說明您的觀點。

The only thing I would say is that when we spoke at the Investor Day, we talked about Rubber Black -- global Rubber Black growth rate of around 4.5%.

我唯一要說的是，當我們在投資者日發言時，我們談到了黑橡膠——全球黑橡膠增長率約為 4.5%。

And, this only gives us confidence in that number.

而且，這只會讓我們對這個數字充滿信心。

So, just to be clear.

所以，只是為了清楚。

It doesn't accelerate the growth rate, it just reinforces that the 4.5% is achievable?

它不會加速增長率，它只是強化了 4.5% 是可以實現的？

Yes.

是的。

Thank you.

謝謝。

Secondly, if you look at the earnings hole, so to speak, created by selling Supermetals.

其次，如果你看一下盈利缺口，可以這麼說，是由出售超金屬造成的。

With respect to your $4.50 long-term target, how much of that hole do you think you could fill -- or do you think will be filled by the tailwind from energy efficiency investments and M&A?

關於你 4.50 美元的長期目標，你認為你可以填補多少這個漏洞——或者你認為能效投資和併購的順風將填補多少？

Either together or separately?

是在一起還是分開？

So, let me try to address this, Laurence.

所以，讓我嘗試解決這個問題，勞倫斯。

First of all, as we look at the gap -- first of all we're very confident that the $4.50 is $4.50, and we will be achieving that.

首先，當我們查看差距時——首先，我們非常有信心 4.50 美元是 4.50 美元，我們將實現這一目標。

We are still looking at the bridge that we showed at the Investor Day as the correct way to think about this, which is this 40% coming from capacity expansion, 30% from margin improvements, and then 30% from new products and new businesses.

我們仍在尋找我們在投資者日展示的橋樑作為思考這個問題的正確方法，即這 40% 來自產能擴張，30% 來自利潤率改善，然後 30% 來自新產品和新業務。

And, the 30% from margin improvement is going to be a combination of energy efficiency and yield projects and pricing.

而且，利潤率提高的 30% 將是能源效率和收益項目以及定價的組合。

Now, there is a lag on the energy efficiency and yield projects because we have put a lot of effort into energy centers over the last few years.

現在，能源效率和收益項目滯後，因為過去幾年我們在能源中心投入了大量精力。

We're at a point now where we may have 1 or 2 left to implement in the most attractive sites in the system.

現在，我們可能還剩下 1 或 2 個要在系統中最具吸引力的站點中實施。

And, we're now in the phase-over into the yield technology project, and we've started investing in those during the course of 2011.

而且，我們現在正逐步過渡到收益技術項目，我們已在 2011 年期間開始對這些項目進行投資。

And, we will be continuing to introduce these over the coming years into our various plants in the system.

而且，我們將在未來幾年繼續將這些引入系統中的各種工廠。

But, it will take some time, and to a certain degree, way beyond 2014 to see the full benefit of the work that has been ongoing.

但是，要看到一直在進行的工作的全部收益，還需要一些時間，並且在某種程度上，遠遠超過 2014 年。

So, I think 2014, in a way, is only going to be showing a partial effect -- a small part, actually, of the yield benefits that we expect to see coming our way.

所以，我認為 2014 年在某種程度上只會顯示出部分影響——實際上，我們期望看到的收益收益的一小部分將會出現。

So, that's for the yield and energy benefits.

所以，這是為了提高產量和能源效益。

The other part relates to the strategic question of acquisitions, and as we had looked at the $4.50 we put this plan together, we had a sense that Supermetals may not be in the portfolio in the future.

另一部分涉及收購的戰略問題，當我們看到我們將這個計劃放在一起的 4.50 美元時，我們有一種感覺，未來 Supermetals 可能不會出現在投資組合中。

And, we were looking at the possibility of bridging that gap.

而且，我們正在研究彌合這一差距的可能性。

Now, does that mean that we can achieve the $4.50 without any acquisition activity?

現在，這是否意味著我們可以在沒有任何收購活動的情況下達到 4.50 美元？

Perhaps not.

也許不是。

But, let me say that acquisition activities that we would consider would be small.

但是，讓我說我們會考慮的收購活動很小。

There would be the possibility of doing a few small things that would be accretive to our EPS that would help in getting to the $4.50, but it is not essential to the end strategy of getting to that number in 2014.

有可能做一些小事來增加我們的 EPS，這將有助於達到 4.50 美元，但這對於在 2014 年達到該數字的最終戰略並不是必不可少的。

And, then lastly to help us think about 2012, could you give some perspective on how the actions in this quarter might have improved your incremental margins?

最後，為了幫助我們思考 2012 年，您能否就本季度的行動如何提高您的增量利潤給出一些看法？

And, with the new capacity you're bringing on-stream, does the earnings tailwind from filling up that capacity more than offset the depreciation hit from -- the capacity turning on?

而且，隨著您投產的新產能，填補該產能帶來的盈利順風是否足以抵消產能開啟帶來的折舊影響？

And, that flowing through the P&L?

而且，流經損益表？

Well, we're certainly looking at getting some benefit that is not going to be linked to the capacity investment.

好吧，我們當然希望獲得一些與產能投資無關的好處。

So, we have continued efficiency and pricing activities in motion that will provide some strong contribution in 2012.

因此，我們持續開展效率和定價活動，這將在 2012 年做出一些重要貢獻。

We also have, of course, and as I mentioned earlier, the inkjet investment which will be ramped up very quickly and contributing within the year to the bottom line.

當然，正如我之前提到的，我們也有噴墨投資，這將很快增加，並在一年內為利潤做出貢獻。

And then, we have our fumed silica and carbon black investments which will start to contribute during the fiscal year.

然後，我們的氣相二氧化矽和炭黑投資將在本財年開始做出貢獻。

So, we won't -- we will not have to wait for 2013 to see them contributing.

所以，我們不會——我們不必等到 2013 年才能看到他們做出貢獻。

Thank you.

謝謝。

Thank you.

謝謝。

Your next question is coming from the line of David Begleiter with Deutsche Bank.

你的下一個問題來自德意志銀行的 David Begleiter。

Thank you, good afternoon.

謝謝，下午好。

Good afternoon, David.

下午好，大衛。

Patrick, on the value pricing -- what will the impact be do you think on your average Rubber Black price over a certain period of time?

Patrick，關於價值定價——您認為在一定時期內對您的平均 Rubber Black 價格有何影響？

David, I'm sorry.

大衛，對不起。

I'm not going to be able to give you that information because we really -- we try to avoid providing that level of granularity in view of the competitive dynamics here.

我無法為您提供這些信息，因為我們真的 - 鑑於這裡的競爭動態，我們試圖避免提供那種級別的粒度。

I understand.

我明白。

Can you comment at least on how much business you've been -- you've walked away from as part of the strategy?

你能至少評論一下你有多少業務——作為戰略的一部分，你已經放棄了嗎？

Or you've lost?

還是你輸了？

I would say it's small amounts across most geographies.

我會說在大多數地區都是少量的。

Very good.

非常好。

And just on Specialty Fluids, given the lumpiness of the business.

考慮到業務的複雜性，僅在特種流體方面。

How do you think Q1 will compare versus Q4 from an EBIT perspective?

從息稅前利潤的角度來看，您認為第一季度與第四季度相比如何？

I would love to know.

我會很高興知道。

So, this is one of those businesses where we constantly remind our shareholders that the lumpiness is truly lumpy, and as you can see, we had a very strong fourth quarter.

因此，這是我們不斷提醒股東的那些業務之一，塊狀確實是塊狀的，正如你所看到的，我們第四季度表現非常強勁。

And, we have visibility around projects that are going to be using our material.

而且，我們可以了解將要使用我們材料的項目。

What we don't have visibility on is actually the timing or the extent of the use, and we are constantly being surprised by changes enacted upon by the owners of the wells or the service companies that we work with.

我們無法看到的實際上是使用的時間或範圍，我們經常對油井所有者或與我們合作的服務公司做出的改變感到驚訝。

So, very difficult to predict.

所以，很難預測。

But, I would say, we like the business.

但是，我會說，我們喜歡這個行業。

It's a unique business.

這是一項獨特的業務。

It has very high return on capital, and we are continuing to see increased usage and recognition of the benefit of the business around the world.

它具有非常高的資本回報率，而且我們繼續看到全球範圍內越來越多地使用和認可該業務的好處。

And just lastly, Patrick, Rubber Black volumes -- how much will they be down in Q1 versus Q4?

最後，Patrick，Rubber Black 的銷量——與第四季度相比，第一季度它們會下降多少？

I think as I mentioned earlier, where we have said that October -- we're 3 weeks, almost 4 weeks into October.

我認為正如我之前提到的那樣，我們在 10 月份說過 - 我們已經進入 10 月份 3 週，將近 4 週。

And, we've seen October actually tracking at roughly the fourth quarter level.

而且，我們已經看到 10 月份實際追踪到大約第四季度的水平。

So, I would say that's a good way to think, at least about October.

所以，我想說這是一個很好的思考方式，至少在 10 月份是這樣。

It's difficult to predict beyond that.

除此之外很難預測。

Thank you very much.

非常感謝。

Thank you.

謝謝。

(Operator Instructions) Your next question is coming from the line of Jay Harris with Goldsmith & Harris.

（操作員說明）您的下一個問題來自 Jay Harris 與 Goldsmith & Harris 的合作。

Let me compliment you on providing a lot of details on an increasingly complex Company.

讓我稱讚您提供了有關一家日益複雜的公司的大量細節。

Thank you, Jay.

謝謝你，傑伊。

With respect to the percentages you just gave out earlier of how you intend to achieve the 2014 goals, should we consider the capacity expansion in inkjets to be part of the 30% from new products or part of the capacity [additions]?

關於您剛才給出的您打算如何實現2014年目標的百分比，我們是否應該將噴墨產能擴張視為新產品30％的一部分或產能[增加]的一部分？

I would attribute that to the new products and new business bucket.

我將其歸因於新產品和新業務桶。

Now, if you are selling inks now to offset printers -- formerly offset printers -- are you getting a higher selling price per unit of sale?

現在，如果您現在向膠印機（以前是膠印機）銷售油墨，您的單位銷售價格是否更高？

Higher margins also -- because of the higher selling price?

更高的利潤也——因為更高的售價？

Let me ask Fred to take that question.

讓我請弗雷德回答這個問題。

So, Jay, let me just clarify -- first of all, what we provide is what we call pigmented dispersions.

所以，Jay，讓我澄清一下——首先，我們提供的是我們所說的顏料分散體。

So, don't jump to the conclusion that we are selling ink because pigmented dispersions then people use in inks in commercial printing market.

所以，不要草草得出我們賣墨水的結論，因為人們在商業印刷市場上使用顏料分散體。

And when you ask the question about the costs and the margins, the important thing here is the total cost of ownership to the printers is significantly lower for inkjet.

當您詢問有關成本和利潤的問題時，重要的是噴墨打印機的總擁有成本要低得多。

Yet, we are in that market able to maintain the margins that we've been able to achieve in the normal inkjet business.

然而，我們在該市場中能夠保持我們在正常噴墨業務中能夠實現的利潤率。

So, it's really the overall cost of ownership is declining for the printers, but we still have robust margins on our dispersion [sales].

因此，打印機的總體擁有成本確實在下降，但我們的分散 [銷售] 仍然有可觀的利潤率。

Well, are you selling it at a higher selling price than in the inkjet home and office market per unit of volume?

那麼，您是否以比噴墨家用和辦公市場上每單位體積更高的售價出售它？

So, that gets into too much detail there, Jay.

所以，傑伊，這涉及到太多細節。

I'm not going to go into that, but we are selling at considerably higher margins than you normally associate with the offset printing market.

我不打算談這個，但我們的銷售利潤率比您通常與膠印市場相關聯的利潤率要高得多。

And, that's because of the complexity of the technology, and the value we bring in that market.

而且，這是因為技術的複雜性，以及我們為該市場帶來的價值。

Well, what I'm trying to figure out is whether on the expanded capacity, which is probably more oriented to these newer applications of your pigment dispersions, whether you get more revenues per unit of capacity?

好吧，我想弄清楚的是，在擴大產能（可能更面向顏料分散體的這些新應用）的情況下，你們是否能從每單位產能中獲得更多收入？

Jay, these new capacity expansions are actually going to be used across the market.

傑伊，這些新的產能擴張實際上將在整個市場上使用。

It is going to be used in consumer printing and office printing, as well as commercial printing.

它將用於消費印刷和辦公室印刷，以及商業印刷。

So, I think your assumptions should reflect the fact that they will reflect the business we have had in the past.

所以，我認為你的假設應該反映這樣一個事實，即它們將反映我們過去的業務。

All right.

好的。

I am learning slowly.

我正在慢慢學習。

On the tantalum and cesium mine up in Canada.

關於加拿大的鉭和銫礦。

Are these deposits in separate areas?

這些存款是在不同的區域嗎？

Going forward, will you consider the revenues on tantalum an offset to your cost of cesium the way, let's say, gold miners do?

展望未來，您是否會考慮用鉭的收入來抵消您的銫成本，比方說，黃金礦工會這樣做？

Right.

正確的。

So, you are correct, Jay.

所以，你是對的，傑伊。

The mine in Canada is actually 1 mine, and the orebody is quasi- the same.

加拿大的礦其實是1礦，礦體是準的。

It's slightly different parts of the mine.

這是我的略有不同的部分。

But, all in all, it's the same mine, and we will be looking at the tantalum opportunity and the sales of tantalum offsetting the cesium cost which is the driving product made in that mine.

但是，總而言之，這是同一個礦山，我們將關注鉭的機會和鉭的銷售抵消銫成本，銫是該礦的驅動產品。

Is it safe to assume that if the demand for tantalum several years in the future shrinks a little that the additional cost burdens on cesium will be small relative to the margin structure of the drilling fluid business?

如果未來幾年對鉭的需求略有下降，那麼相對於鑽井液業務的利潤率結構，銫的額外成本負擔會很小，這是否安全？

I'm not sure I could answer that question.

我不確定我能回答那個問題。

What I do know is that we have a firm contract signed with the potential buyer of our Supermetals business, and that actually includes a firm price for a 3-year period.

我所知道的是，我們與 Supermetals 業務的潛在買家簽署了一份確定的合同，其中實際上包括 3 年期的確定價格。

And beyond that, you will be in the merchant market?

除此之外，您將進入商業市場？

I think beyond that we will decide how the market develops and how the relationship with our -- with this company -- with GAM develops.

我認為除此之外，我們將決定市場如何發展以及與我們——與這家公司——與 GAM 的關係如何發展。

And, we will consider our options.

並且，我們將考慮我們的選擇。

Now, one of the advantages of the tantalum mine in Canada is that it's conflict-free which means that it will continue to have some additional value versus other options in the market.

現在，加拿大鉭礦的優勢之一是它沒有衝突，這意味著與市場上的其他選擇相比，它將繼續具有一些額外的價值。

Fair enough.

很公平。

Carbon black is -- I didn't do the exact numbers -- 55% to 60% of your revenues.

炭黑——我沒有給出確切的數字——佔你們收入的 55% 到 60%。

At least, the Core business is.

至少，核心業務是。

I'm assuming, as you move toward your 2014 goal, that the New Business segments will tend to grow much faster than the Core segments.

我假設，隨著您朝著 2014 年的目標邁進，新業務部門的增長往往會比核心部門快得多。

And, there'll be a shift in -- a margin shift upward because of that.

而且，將會有一個轉變——利潤率因此而向上移動。

Is there anything wrong with those assumptions?

這些假設有什麼問題嗎？

No, I think you're right in the sense that the new business will be growing at a faster pace, but it's all a relative measure.

不，我認為你是對的，新業務將以更快的速度增長，但這都是相對的衡量標準。

Because if you think about the carbon black business continuing to grow, and if you look at the tire business at 4.5 %, 5%, 6% depending on the time periods.

因為如果你考慮持續增長的炭黑業務，如果你看看輪胎業務的增長率為 4.5%、5%、6%，具體取決於時間段。

And also, special blacks growing at 6%-plus, and at that scale, you will need to account for the difference in scale between the businesses.

而且，特殊黑人以 6% 以上的速度增長，在這個規模上，你需要考慮企業之間的規模差異。

But, clearly, we are looking at a New Business Segment that has and continues to have a very high growth rates in the 10%, 15%, 20% a year level.

但是，很明顯，我們正在尋找一個新的業務部門，該部門已經並將繼續保持每年 10%、15%、20% 的非常高的增長率。

And finally, I wonder if we could get some parameters -- gross parameters around the CEC opportunities.

最後，我想知道我們是否可以獲得一些參數——圍繞 CEC 機會的總參數。

If I took your last 2 quarters of carbon black and said you had a 25% market share in the world that would put the size of the world demand for carbon black at about $8 billion.

如果我拿你們最後兩個季度的炭黑說你們在世界上擁有 25% 的市場份額，那麼世界對炭黑的需求規模約為 80 億美元。

At some point in the past, I have heard that half of the carbon black business went into natural rubber and the other half went into synthetics.

在過去的某個時候，我聽說一半的炭黑業務進入了天然橡膠，另一半進入了合成橡膠。

So, that would be a $4 billion natural rubber opportunity.

因此，這將是一個價值 40 億美元的天然橡膠機會。

And, if this business develops the way we both hope it does, I presume per unit of carbon black, the revenue base goes considerably higher because you will be doing more value added then just selling carbon black.

而且，如果這項業務按照我們雙方希望的方式發展，我假設每單位炭黑的收入基礎會大大提高，因為與僅銷售炭黑相比，您將獲得更多的附加值。

Can you add anything to that?

你能補充什麼嗎？

Or, correct anything that I have said.

或者，更正我所說的任何內容。

Jay, I think I am a little over my head in terms of the numbers, but I do think the total market numbers that you indicated are roughly in the zone.

傑伊，我認為就數字而言我有點不知所措，但我確實認為你指出的總市場數字大致在該區域內。

And, we're continuing to see this as a very robust GDP-driven market that will continue to develop strongly.

而且，我們繼續將其視為一個非常強勁的 GDP 驅動市場，並將繼續強勁發展。

We see our customers, the general rubber industry, becoming more sophisticated.

我們看到我們的客戶，即一般橡膠行業，變得更加成熟。

On the technology side, we are going to see more applications that are going to use more sophisticated carbon black that are going to be playing in our favor.

在技術方面，我們將看到更多使用對我們有利的更複雜炭黑的應用。

So, we're looking at a very positive development in the general market, and we're looking at participating at a higher rate of growth than average as we believe in the technology capabilities we have.

因此，我們正在尋找一般市場的非常積極的發展，並且我們正在考慮以高於平均水平的增長率參與，因為我們相信我們擁有的技術能力。

Hopefully, to be continued.

希望繼續。

Thank you.

謝謝。

Thank you.

謝謝。

Your next question is coming from the line of Chris Willis with Impala Asset Management.

您的下一個問題來自 Impala 資產管理公司的 Chris Willis。

Good afternoon, thanks.

下午好，謝謝。

I just had a quick question about pricing.

我只是有一個關於定價的快速問題。

Could you talk about pricing terms in a general way in the Asian marketplace?

您能談談亞洲市場的一般定價條款嗎？

Maybe talk specifically about China versus other parts of the region?

也許具體談談中國與該地區其他地區的比較？

I'm not sure I understand the question, do you mind rephrasing it?

我不確定我是否理解這個問題，你介意改寫一下嗎？

Just trying to get a sense of -- not specifically Cabot products because I know you don't want to comment on your own product lines.

只是想了解一下——不是特定的 Cabot 產品，因為我知道你不想對你自己的產品線發表評論。

But just how is pricing acting in Asia in the Rubber Blacks business?

但橡膠炭黑業務在亞洲的定價如何？

I would say there's a lot of factors that affect pricing.

我會說有很多因素會影響定價。

There's about 250 different grades of carbon black, and you can have multiple factors of difference in terms of price per ton or per kilo.

大約有 250 種不同等級的炭黑，每噸或每公斤的價格可能有多種差異因素。

And, you have competitive factors that need to be taken into account as well.

而且，您還需要考慮競爭因素。

So, I think the answer I would give you is that it is very difficult to provide a general picture.

所以，我想我會給你的答案是很難提供一般情況。

In addition to the fact that you have various raw materials effects that are of different nature in the various geographies.

除了您在不同地區具有不同性質的各種原材料效應這一事實之外。

So, the raw materials for carbon black in China is of a very different nature than the raw materials that we use, for example, in the US or in Southeast Asia.

因此，中國的炭黑原材料與我們在美國或東南亞使用的原材料性質截然不同。

So, I would say -- I don't have a simple answer for you, unfortunately.

所以，我想說——不幸的是，我沒有簡單的答案給你。

But, is there a general trend over time where you were able to -- you've talked a lot about value pricing on the call which is great.

但是，隨著時間的推移，是否存在一個總的趨勢——你在電話中談了很多關於價值定價的事情，這很好。

Is there an opportunity for you to improve realizations across a broad group of products?

您是否有機會改善廣泛產品的實現？

In Asia, the global market is fairly tight for carbon blacks.

在亞洲，炭黑的全球市場相當緊張。

There's value in the product line.

產品線有價值。

Is there an opportunity to bring more value to your bottom line out of Asia is what I'm driving that?

是否有機會為您在亞洲之外的底線帶來更多價值是我正在推動的？

I know there is some pretty strong price initiatives in the industry in Europe and the US right now.

我知道歐洲和美國的行業目前有一些非常強大的價格舉措。

I'm just curious -- trying to get a tone for what's happening in Asia.

我只是好奇——想了解一下亞洲正在發生的事情。

Particularly given that's one of the faster growing markets recognizing that's actually where some of the excess capacity is.

特別是考慮到這是增長較快的市場之一，認識到這實際上是一些過剩產能所在的地方。

But, just trying to get a general tone for that marketplace from a pricing perspective?

但是，只是想從定價的角度來了解該市場的總體基調嗎？

I think what I could say to that is that we are continuing to work very hard on getting the value for the product and services we bring to our customers.

我想我可以說的是，我們正在繼續非常努力地為我們為客戶帶來的產品和服務獲得價值。

And, we'll be ready to walk away from business if we think that the balance is not appropriate.

而且，如果我們認為平衡不合適，我們準備好放棄業務。

And, some of that has happened during the fourth quarter, albeit at low percentage levels.

而且，其中一些發生在第四季度，儘管百分比水平較低。

But clearly, we're continuing to think that pricing is the lever that we can and will continue to apply.

但很明顯，我們繼續認為定價是我們可以並將繼續應用的槓桿。

Great.

偉大的。

Thanks.

謝謝。

I appreciate it.

我很感激。

Thank you.

謝謝。

Your next question is a follow-up from the line of Saul Ludwig with Northcoast Research.

您的下一個問題是 Saul Ludwig 與 Northcoast Research 的後續問題。

2 quickies.

2 速食。

Your volume in fumed metal oxides has been very weak.

你們在氣相法金屬氧化物方面的銷量一直很低。

You were done 8% in the quarter, and yet, you are bringing on a whole new plant.

你在本季度完成了 8%，然而，你正在建設一個全新的工廠。

Is there any concern about the ability to utilize that capacity?

是否擔心利用該能力的能力？

Or, might the actual startup of that plant be deferred until the market firms up?

或者，該工廠的實際啟動是否會推遲到市場穩定之後？

And, just to give you the second question.

而且，只是給你第二個問題。

It's unrelated.

這是無關的。

It's encouraging to see you spend $50 million for share buyback.

看到您花費 5000 萬美元用於股票回購，這令人鼓舞。

That was something new.

那是新事物。

We've never seen that before.

我們以前從未見過。

Is that sort of a 1-shot deal?

這是一種一次性交易嗎？

Or, would you expect that share buybacks might continue throughout this year at whatever pace you decide to do?

或者，您是否預計股票回購會以您決定的任何速度在今年繼續進行？

But, it sounds like share buybacks are now entering into your thinking in terms of shareholder value creation.

但是，從股東價值創造的角度來看，股票回購現在似乎正在進入您的思考。

So, let me take the share buyback question first.

所以，讓我先回答股票回購問題。

And then, I will ask Sean to take the FMO question.

然後，我會請肖恩回答 FMO 問題。

We've always looked at share buybacks as an option to create value for our shareholders, and in the past few years, we did not think that the optionality was a good one.

我們一直將股票回購視為為股東創造價值的一種選擇，在過去的幾年裡，我們認為這種選擇權並不是一個好的選擇。

Essentially, also because we had the use of cash for growth in the Company, and we had some working capital management issues we needed to take care of.

從本質上講，也是因為我們使用現金來促進公司的增長，並且我們需要解決一些營運資金管理問題。

More recently, we've seen, with our robust balance sheet and with the weakening stock market, we felt that there were -- that the possibility to buy back shares and the value of that buyback increased.

最近，我們已經看到，憑藉我們穩健的資產負債表和疲軟的股市，我們認為有回購股票的可能性和回購價值的增加。

In general, I think our philosophy is that we would be trying to offset dilution as kind of a fundamental way of looking at share buybacks, and we hadn't done that in a while.

總的來說，我認為我們的理念是，我們將努力抵消稀釋，作為看待股票回購的一種基本方式，而我們已經有一段時間沒有這樣做了。

But, as we look forward, we will be continuing to look at that option in a trade-off versus other options to deploy our cash.

但是，正如我們所期待的那樣，我們將繼續權衡該選項與其他選項以部署我們的現金。

And, we still have currently about 2.5 million shares remaining under our Board authorization, and we will be looking at options going forward.

而且，根據我們的董事會授權，我們目前仍有約 250 萬股股票，我們將尋找未來的選擇。

So, that's the answer on the share buyback.

所以，這就是股票回購的答案。

I'll ask Sean to pick up on FMO, please?

我會讓肖恩接聽 FMO，好嗎？

Yes, a couple of comments to give you a little color to how we are thinking about the FMO business.

是的，有幾條評論可以讓您了解我們對 FMO 業務的看法。

Over the last couple of years -- 2 years really -- we've been pursuing a strategy that's been emphasizing pricing and product mix over absolute volume.

在過去的幾年裡——實際上是 2 年——我們一直在奉行一種強調定價和產品組合而不是絕對數量的戰略。

And, this has yielded higher total performance for this business.

而且，這為該業務帶來了更高的總體績效。

So, a very conscious choice and pleased with the outcomes of those decisions.

因此，這是一個非常有意識的選擇，並對這些決定的結果感到滿意。

Now, looking forward, we are very optimistic about the startup of the Jiangxi capacity.

現在，展望未來，我們非常看好江西產能的啟動。

It is highly competitive capacity.

這是極具競爭力的能力。

It will strengthen our overall global competitive position, and it will give us flexibility to find the optimum balance between price and volume as we go forward.

它將加強我們的整體全球競爭地位，並使我們能夠靈活地在前進的過程中找到價格和數量之間的最佳平衡。

So, very optimistic.

所以，非常樂觀。

As you know, the China market is the largest and fastest growing market now in terms of silicone.

如您所知，就有機矽而言，中國市場是目前最大、增長最快的市場。

So we are quite optimistic.

所以我們相當樂觀。

All right.

好的。

Thank you both very much.

非常感謝你們。

Thank you.

謝謝。

And with no further questions in queue, I would like to hand the call back to Mr.

沒有其他問題了，我想把電話轉回給先生。

Patrick Prevost, President and CEO, for closing remarks.

總裁兼首席執行官 Patrick Prevost 致閉幕詞。

Thank you very much.

非常感謝。

Thank you for attending the call this afternoon.

感謝您參加今天下午的電話會議。

We're very pleased with where we are today.

我們對今天所處的位置感到非常滿意。

We believe that strong execution of strategy has resulted in the fiscal 2011 quarter that we have delivered, and I'm pleased with our performance -- excited about the future.

我們相信，強有力的戰略執行使我們在 2011 財年取得了良好的成績，我對我們的表現感到滿意——對未來感到興奮。

And, we're going to continue to work toward the long-term strategic [targets] that we've set for ourselves.

而且，我們將繼續努力實現我們為自己設定的長期戰略 [目標]。

I'm looking forward to speaking with you again next quarter.

我期待著下個季度再次與您交談。

Thank you very much.

非常感謝。

Ladies and gentlemen, thank you for your participation on today's call.

女士們，先生們，感謝你們參與今天的電話會議。

This does conclude the presentation.

這確實結束了演示文稿。

You may now disconnect.

您現在可以斷開連接。

Have a good day.

祝你有美好的一天。