Celanese Profit Crushes Estimates, Sales Misses; Lifts FY Guidance

(RTTNews) - Acetyl chemicals maker Celanese Corp (CE) on Thursday reported first-quarter net earnings of $236 million or $1.53 per share compared with $196 million or $1.25 per share last year.

Excluding items, adjusted earnings for the quarter were $1.72 per share compared with $1.33 per share a year ago.

Revenues for the quarter were lower at $1.45 billion compared with $1.71 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $1.31 per share on revenues of $1.61 billion for the quarter. Analysts' estimates typically exclude special items.

"Our global teams drove record segment income margin of 24.1 percent on strong commercial performance in both Materials Solutions and the Acetyl Chain," Celanese said.

Company-wide productivity initiatives also contributed as it expanded segment income margin by more than 600 basis points sequentially and year-over-year despite an uncertain macroeconomic environment and volatile currency markets, it added.

For the full year 2015, the company now expects adjusted earnings of $5.60 to $5.90 per share, up from prior guidance of $5.00 to $5.50 per share. Analysts expect earnings of $5.19 per share