17 January 2012 23:03 [Source: ICIS news]
HOUSTON (ICIS)--US-based specialty chemicals producer Celanese on Tuesday lowered its earnings outlook for 2011, citing weaker markets in Europe.
Celanese lowered its full-year 2011 outlook for adjusted earnings per share to $4.45/share (€3.52/share) from its previous estimate of $4.60–4.70/share.
Celanese cited weakened fourth-quarter economic conditions, particularly in Europe, resulting in lower-than-expected customer demand during the latter part of the quarter.
Lower end-market demand in Europe led to sharp inventory destocking in Celanese’s acetyl intermediates segment, the company said.
“Near-term uncertainty in Europe translated into more cautious buying behaviour at the end of the quarter resulting in lower fourth-quarter volumes and lower earnings than we previously expected,” said CEO David Weidman.
“We are experiencing improved order patterns as the first quarter progresses and expect to deliver earnings in 2012 that are above current consensus estimates for adjusted earnings per share that average $4.70,” he added.
($1 = €0.79)
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