Celanese Corporation (CE) reported second-quarter earnings of USD434 mln, said the company.
On a per-share basis, the Irving, Texas-based company said it had profit of USD3.98. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were USD4.99 per share.
The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of USD4.57 per share.
The chemical company posted revenue of USD2.49 billion in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected USD2.48 billion.
For the current quarter ending in October, Celanese expects its per-share earnings to range from USD4 to USD4.50.
Celanese shares have decreased 29% since the beginning of the year. Shares hit USD119.78, a fall of 22% in the last 12 months.
As MRC reported earlier, in H2, 2021, Celanese Corporation announced a force majeure (FM) in China for vinyl acetate monomer (VAM) shipments from its plant Nanjing, China. Celanese temporarily shut down its acetic anhydride and VAM production in Nanjing to comply with requirements of government departments in order to achieve dual energy consumption targets in the Jiangsu Province in 2021. Thus, its VAM plan with the capacity of 300,000 mt/year was shut on 17 September, 2021, and its resumed operations on 9 October, 2021.
Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Based in Dallas, Celanese employs approximately 8,500 employees worldwide and had 2021 net sales of USD8.5 billion.
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