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Celanese Corporation Reports Third Quarter 2012 Results

Stocks in this article: CE

Celanese Corporation (NYSE: CE), a global technology and specialty materials company, today reported third quarter 2012 adjusted earnings per share of $0.93. This compares with $1.27 in the prior year period. Increased volumes and expanded operating margins in the company's portfolio of businesses focused on customer-oriented solutions, which includes Advanced Engineered Materials, and Consumer and Industrial Specialties, were offset by lower margins in Acetyl Intermediates due to continued soft demand and lower pricing across acetyl products and derivatives. Diluted earnings per share from continuing operations for the quarter were $0.74 compared with $1.05 last year.

(in $ millions, except per share data) - Unaudited   2012   2011 2012   2011
Net sales 1,609 1,807 4,917 5,149
Operating profit (loss) 163 196 425 593
Net earnings (loss) attributable to Celanese Corporation 117 167 510 512
Operating EBITDA 1 298 374 955 1,119
Diluted EPS - continuing operations $ 0.74 $ 1.05 $ 3.21 $ 3.21
Diluted EPS - total $ 0.73 $ 1.05 $ 3.20 $ 3.22
Adjusted EPS 2   $ 0.93   $ 1.27   $ 3.13   $ 3.89

1 Non-U.S. GAAP measure. See reconciliation in Table 1A.

2 Non-U.S. GAAP measure. See reconciliation in Table 6.

"Celanese delivered on its commitments with a solid quarter amid a challenging economic environment. Our customer-oriented solution businesses generated strong results, reflecting the value we provide to our customers, but demand for acetyl products and derivatives remained at trough-like conditions. The Advanced Engineered Materials and Consumer Specialties businesses each expanded operating EBITDA margins sequentially and year-over-year, excluding affiliate earnings," said Mark Rohr, chairman and chief executive officer. "Celanese's strong operating cash flow in the third quarter enabled the company to improve its net debt position by $124 million from the prior quarter. We will continue to pursue our balanced capital deployment strategy to optimize value for our shareholders."

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