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Higher Volumes and Selling Prices Lift Celanese's Profits
8:31 AM MDT | April 26, 2011 | Nancy Seewald
Celanese reported first-quarter net earnings of $142 million, compared with $14 million in the same period last year. The year-ago period included charges totaling $135 million, related mostly to the closure of its acetate plant at Spondon, U.K. Reported earnings rose 50%, to 96 cts/share, compared with analysts’ consensus of 84 cts/share, as reported by Reuters Thomson (New York). Sales rose 14%, to $1.6 billion, on higher selling prices across all segments and improved volumes. Raw material costs lowered operating profit in Celanese’s advanced...
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