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Celanese Returns to Profit on Improved Demand
12:44 PM MDT | April 27, 2010 | Kerri Walsh
Celanese says first-quarter sales results rose on higher volumes across most businesses as a result of the global economic recovery. Net income was $18 million (67 cts/share), compared to a $20-million loss because earnings from equity investments and dividends from cost investments were $49 million higher than the prior year period. Sales jumped 21%, to $1.4 billion because of improved volumes, especially in advanced engineered materials. Celanese reported an operating profit loss of $14 million, compared to earnings of $27 million in the year-ago period...
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