Celanese improves its profit forecast for 2007

11 December 2007 12:38  [Source: ICIS news]

LONDON (ICIS news)--Celanese said its outlook for the full-year 2007 is better than forecast as a result of strong acetyls business, the US producer said on Tuesday.

 

The company adjusted its earnings per share (EPS) to between $3.26 (€2.22) and $3.31 from $3.10-3.20 and its earnings before interest, tax, depreciation and amortisation (EBITDA) to $1,285m-1,295m from $1,240m-1,270m from for 2007, the company said in a statement.

 

The US company is also forecasting further EPS and EBITDA growth for 2008.

 

“We see strong volume growth in advanced engineered materials and we are on track with our revitalisation efforts in our consumer and industrial specialties businesses,” Celanese CEO and chairman David Weidman said.

 

“With the start-up of our Nanjing (acetic acid) complex earlier this year, we also expect increased volumes in acetyl intermediates,” he said.

 

The strategic growth objectives for 2010 have been increased by $50m to $300m-350m in additional operating EBITDA, with much of the growth expected to occur in Asia, the company said.

 

“Celanese continues to pursue initiatives to further enhance its already substantial position in Asia by expanding sales, marketing, manufacturing and research capabilities in the region,” it said.

 

Celanese also expects to reduce greenhouse gas emissions by 30% and energy usage by 20% from its 2005 levels by 2010.

 

“From 2001 to 2007, the company has reduced energy usage in its manufacturing operations by 28%, resulting in approximately $150m savings per year,” it said.

 

($1 = €0.68)

 

By: Lucy Craymer
+44 20 8652 3214

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