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Celanese’s Profits Fall, but Beat Estimates

5:57 AM MDT | July 29, 2009 | Nancy Seewald

Celanese reported net earnings of $104 million, down 22% from the year-ago period, on sales down 33%, to $1.24 billion. The company cites lower selling prices and volumes, partially offset by cost-reduction initiatives. Earnings per share, excluding special items, were 53 cts, beating out analysts’ consensus of 46 cts/share, as reported by Thomson Reuters (New York). “While the current economic environment continues to be challenging, growth in Asia continued while demand in North America and in many European segments stabilized during the...

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