26 April 2011 13:21 [Source: ICIS news]
LONDON (ICIS)--First-quarter net earnings for US chemical company Celanese soared to $142m (€98m) compared with $14m during the same period a year ago, partly because of an increase in sales, the firm said on Tuesday.
The Texas-headquartered producer saw a 14% year-on-year rise in net sales to $1.59bn, mostly driven by higher pricing across all operating segments as well as improved volumes, Celanese added.
The company said higher pricing was primarily attributed to the successful recovery of increased raw material input costs, while volume improvement was driven by improved global demand.
“Celanese once again delivered on the sustainable earnings growth objectives across the portfolio of global businesses,” David Weidman, chairman and CEO, said.
“Strong demand, combined with excellent execution of our strategies, more than offset rising material costs, resulting in solid first quarter performance,” he added.
Operating profit in the first quarter swung to $188m from a loss of $14m during the same period in 2010.
Looking ahead, Celanese said that based on its first-quarter results and forecasts for sustained global economic growth, the company expected 2011 operating earnings before interest, tax, depreciation and amortisation (EBITDA) to be at least $200m higher than its 2010 result of $1.12bn.
“Advantaged technologies, leading global portfolio positions and innovative customer-focused solutions combined to deliver significantly improved earnings in the first quarter and are expected to drive sustained earnings growth for Celanese throughout 2011,” Weidman said.
($1 = €0.69)
For more on Celanese, visit ICIS company intelligence
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