21 July 2011 12:47 [Source: ICIS news]
LONDON (ICIS)--Celanese's second-quarter net earnings grew 26.9% to $203m (€142m) from the same period last year on the back of strong demand across all of its end markets, the US acetyls producer said on Thursday.
Total net sales for the three months ended 30 June 2011 increased by 15.6% year on year to $1.75bn, primarily driven by higher pricing across all operating segments and favourable currency impacts, the company added.
Celanese said that higher pricing was a result of recovery of higher raw material costs and improved business from its Acetyl Intermediates segment, as well as strong demand throughout its global businesses.
"Celanese delivered our best quarterly earnings ever on strong demand across all of our end markets as we aggressively mitigated the impact of higher raw material and energy costs,” said David Weidman, chairman and CEO.
“Our Acetyl Intermediates business also demonstrated the strength of its differentiated technology and low cost position as industry utilisation was temporarily elevated, significantly contributing to this quarter's earnings," said Weidman.
"Our innovation efforts and presence in emerging geographies are also driving growth across our diversified product portfolio," he said.
Celanese’s operating profit for the second quarter increased to $209m from $156m in the same period last year, while operating earnings before interest, tax, depreciation and amortisation (EBITDA) grew 32.8% year on year to $441m.
Looking ahead, based on an expectation for sustained global economic growth, the company increased its outlook for full-year results and now forecasts 2011 operating EBITDA to be approximately $275m higher than 2010's results of $1.12bn.
"Advantaged technologies, leading global portfolio positions and innovative customer-focused solutions combined to deliver significant improvement in profitability in the first half of 2011 and are expected to drive sustained earnings growth for Celanese throughout the remainder of the year," said Weidman.
($1 = €0.70)
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