25 October 2011 13:08 [Source: ICIS news]
LONDON (ICIS)--Celanese’s third-quarter net earnings grew 15% to $167m (€120m) from the same period last year on the back of higher sales, the ?xml:namespace>
Total net sales for the three months ended 30 September 2011 totalled $1.81bn, a 20% increase from the same period last year, primarily driven by higher pricing across all operating segments and favourable currency impacts.
The company said that the higher pricing was a result of elevated year-over-year industry utilisation in its Acetyl Intermediates segment, the recovery of raw material costs and continued strong demand throughout its global businesses, particularly in its Advanced Engineered Materials segment.
“Celanese delivered a record third quarter, which included record performances in Advanced Engineered Materials and Industrial Specialties, reflecting year-over-year demand growth across our businesses and execution of our strategic objectives,” said David Weidman, chairman and CEO.
“We remain confident that Celanese's strong business fundamentals, including leading technology, low cost positions, broad end-market diversity and strong presence in emerging economies, will continue to drive growth and create value for shareholders throughout an economic cycle,” he added.
Celanese’s operating earnings before interest, tax, depreciation and amortisation (EBITDA) were $374m, a 31% increase from the third quarter of 2010.
Based on its third-quarter performance, Celanese increased its outlook results for the full year and expects 2011 adjusted earnings per share to be approximately $1.30 higher than 2010’s results of $3.37, an increase of $0.10 per share from its previous outlook.
Operating EBITDA is now expected to be approximately $280m higher than 2010’s results of $1.12bn.
“For the remainder of the year, we expect to see year-over-year earnings growth and typical fourth quarter seasonality. The temporarily expanded third quarter margins in acetyls should moderate to more normal levels in the fourth quarter of 2011,” said Weidman.
($1 = €0.72)
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