Cabot Microelectronics Corporation announced unaudited consolidated earnings results for the first quarter ended December 31, 2014. For the quarter, the company reported revenue of $111,934,000 compared to $100,515,000 a year ago. In particular, the company achieved record quarterly revenue for the third consecutive quarter in its Tungsten product area, which grew 20.8% year-over-year. Operating income was $22,566,000 compared to $15,710,000 a year ago. Income before income taxes was $22,717,000 compared to $15,455,000 a year ago. Income available to common shareholders was $19,685,000 compared to $11,181,000 a year ago. Diluted earnings per share were $0.80 compared to $0.45 a year ago. Net income increased primarily due to higher revenue, a higher gross profit margin and a lower effective tax rate, partially offset by higher operating expenses. Cash flow from operations was $21.7 million. Capital investments were $2.5 million.

The company provided earnings guidance for the fiscal year 2015. The company now expects effective tax rate to be within the range of 16% to 18%, which is lower than previous estimate of 18% to 20%. The company continues to expect capital spending to be within the range of $10 million to $15 million. Full fiscal year 2015 guidance range of 48% to 50% of revenue remains unchanged.