28 January 2013 23:28 [Source: ICIS news]
HOUSTON (ICIS)--Celanese reported flat fourth-quarter earnings and a 7% decline in sales because of continued trough-like demand for acetyl products and derivatives, the company said on Monday.
Net earnings during the period totaled $95m (€70m), the same amount reported during the fourth quarter of 2011, according to Celanese.
Net sales in the fourth quarter came in at $1.501bn, compared with $1.614bn in the prior year period.
Celanese said volumes declined year over year because of continued soft global demand in the company’s Acetyls Intermediate and Consumer Specialties segments.
Net sales declined by about 9% in the acetyls segment. Global demand for acetyl products and downstream derivatives stayed low during the quarter, with pricing off by 5% and volumes down by 3%, compared to the prior year period.
CEO Mark Rohr said that the challenging global environment would continue throughout 2013, especially due to the economic uncertainty in the European Union.
“Growth in China should improve throughout the year, but I expect that growth to be modest when compared to historic levels,” Rohr said.
The company still expects earnings to grow by 12-13% this year, Rohr said.
($1 = €0.74)
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