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Celanese Operating Profits and Sales Rise on Higher Demand and Pricing

4:49 AM MDT | April 22, 2008 | Kerri Walsh

Celanese reported first-quarter net income down 28%, to $145 million, but include $79 million from discontinued operations in the year-ago period. Sales rose 19%, to $1.85 billion, mainly because of higher pricing and demand in its acetyl intermediates and downstream businesses, favorable currency exchange rates, and increased volumes related to growth in Asia. Celanese reported adjusted earnings of $1.06/share, which beat the consensus of analysts’ estimates of 95 cts/share. Operating profit improved 14%, to $234 million because the increase in sales more than...

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