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Celanese earnings decline on weak acetyls demand

6:55 PM MDT | July 18, 2013 | Robert Westervelt

Celanese posted second-quarter net earnings of $133 million, down 40% from the year-ago quarter. Reported adjusted earnings were $1.12/share, a 28% decline year-on-year (YOY), and 3% below consensus estimates as reported by Thomson Reuters. Net sales were $1.65 billion, down 1.3% YOY. Celanese says volumes and pricing both fell 1% YOY. “Coming into the quarter, we did not anticipate any favorable tailwinds from the global economy. That certainly turned out to be the case for most businesses,” says Celanese chairman and CEO Mark Rohr. “We have...

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