MRC -- US Celanese saw profits surge over the third quarter as sales rose faster than costs, the acetyls and engineered materials producer announced on Monday.
The following tables show the company's Q3 financial performance. Figures are in millions of dollars.
The company said net sales of $2.7bn were down by 3% from the prior quarter, representing a 3% decrease in pricing which was partially offset by a 1% increase in volume.
The company said it took actions to reduce costs, align production and inventory levels with demand, and maximise cash generation in response to unfavorable demand and competitive dynamics, including reducing inventory balances by $177m with inventory reductions across Engineered Materials and the Acetyl Chain of 7% and 6%, respectively.
The following table shows the Q3 performance of the Acetyl Chain. It makes acetic acid, vinyl acetate monomer (VAM), ethyl acetate (etac), butyl acetate (butac) and acetic anhydride as well as vinyl acetate ethylene emulsions and ethylene vinyl acetate (EVA).
We remind, Celanese will idle eight units in its Engineered Materials segment, while running many other plants at reduced rates. Celanese did not specify which units it will idle, what products they make or how long they will remain down. Out of the idled plants, six are in Mobility & Materials (M&M), a business that Celanese acquired from DuPont. The remaining two predated the M&M acquisition.