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Celanese Corporation Reports Record First Quarter 2014 Results

Stocks in this article: CE

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
(unaudited)
(In $ millions, except per share data)
Net sales 1,705 1,605 1,616
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."

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