Celanese Corp. (NYSE:CE) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 3.15%
Celanese Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 23.81% to $1.12 in the quarter versus EPS of $1.47 in the year-earlier quarter.
Revenue: Decreased 1.31% to $1.65 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Celanese Corp. reported adjusted EPS income of $1.12 per share. By that measure, the company missed the mean analyst estimate of $1.16. It missed the average revenue estimate of $1.66 billion.
Quoting Management: “Celanese’s second quarter results reflect the continued success we are having by delivering value-added solutions to our customers in diverse end-use markets and geographic regions as we increased segment income margins to 22.3 percent sequentially in Advanced Engineered Materials, Consumer Specialties and Industrial Specialties. This success was tempered by lower segment income in Acetyl Intermediates as the economies of Asia and Europe demonstrated softer conditions than the first quarter and as we executed a number of plant turnarounds,” said Mark Rohr, chairman and chief executive officer. “Celanese continued to deliver good cash flow results in the second quarter and further increased the cash on our balance sheet and reduced net debt to the lowest quarterly level since March 2005. We are well positioned to pursue our balanced cash deployment strategy.”
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