Celanese Corporation (NYSE: CE), a global technology and specialty materials company, today reported first quarter 2014 adjusted earnings per share of $1.33 versus $1.04 in the prior quarter.
|Three Months Ended|
|March 31, 2014||March 31, 2013||December 31, 2013|
|(In $ millions, except per share data)|
|Operating profit (loss)||243||184||944|
|Net earnings (loss)||195||142||654|
|Adjusted EBIT / Total segment income (1)||302||269||244|
|Operating EBITDA (1)||375||345||319|
|Diluted EPS - continuing operations||$||1.25||$||0.88||$||4.16|
|Diluted EPS - total||$||1.25||$||0.89||$||4.15|
|Adjusted EPS (1)||$||1.33||$||1.14||$||1.04|
(1) Non-US GAAP measure. See "Reconciliation of Non-US GAAP Financial Measures" below.
"Celanese started the year with record first quarter adjusted earnings. Our focus on delivering value-added applications to our customers combined with strong execution on productivity initiatives drove segment income margins to 17.7 percent for the quarter, a 90 basis point improvement year-over-year and a 260 basis point improvement sequentially," said Mark Rohr, chairman and chief executive officer. "We generated strong operating cash flow in the first quarter and balanced our cash deployment between capital expenditures that provide us with sustainable raw material advantages, share repurchases and dividends. We ended the quarter with a cash balance of $1.0 billion and net debt balance of less than $2.1 billion, well positioned to execute our balanced strategy."