US Celanese Q3 earnings jump 35%, company doubles stock dividend

18 October 2013 22:46  [Source: ICIS news]

HOUSTON (ICIS)--Third-quarter net earnings jumped 35% for US-based Celanese and the chemical producer doubled its annual dividend, the company said on Friday.

Celanese’s net earnings for the period ended 30 September totalled $172m (€127m), compared with $127m in the same period of 2012.

Net sales reached $1.636bn, compared with $1.609bn in the third quarter of 2012, a gain of 1.7%, the company reported.

Celanese doubled its annual dividend from 36 cents to 72 cents per share and used $96m in cash to buy back approximately 2m shares of stock, the company said.

Chief executive Mark Rohr said the company would continue to pursue its own innovations, such as the TCX ethanol process that it is using in China.

"As we take our initial view of 2014, we expect earnings growth will continue to be driven by the actions we are taking, not by depending upon increases from the global economy,” Rohr said.

($1 = €0.74)

By: Lane Kelley
+1 713 525 2653

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