Celanese 2Q profit tops views while revenue slipsThe Associated Press
DALLAS -- Specialty materials company Celanese Corp. said Monday that its second-quarter net income rose 3 percent despite a revenue decline caused by lower prices and unfavorable exchange rate movements.
Net income in the three months to June 30 rose to $210 million, or $1.31 per share.
Excluding one-time items such as the costs of relocating a plant inside Germany, adjusted earnings came to $1.47 per share, beating the $1.39 expected by analysts polled by FactSet.
Revenue fell 4 percent to $1.68 billion, short of the $1.73 billion expected by analysts.
The company blamed the revenue decline on lower pricing in its acetyl intermediates business, a weakened European economy and slower growth in Asia. Profitability improved because of higher returns on minority investments, lower interest expenses and lower taxes.
Celanese said it expects adjusted earnings per share in the second half of the year to be slightly below the first half, when it earned $2.20 a share on an adjusted basis. Analysts are forecasting Celanese will post adjusted earnings of $1.15 a share in the third quarter and $1 a share in the fourth quarter.
Shares fell 77 cents, or 2.2 percent, to $34.75 in afterhours trading after the release of results. They had fallen 1.2 percent in the regular session to close at $35.52.