Tax Benefit Doubles Celanese's Third-Quarter Earnings

 Celanese reported third-quarter net income up 153%, to $399 million ($2.53/share), including a $382-million deferred tax benefit. Earnings were 58 cts/share compared to 78 cts/share in the year-ago period excluding the deferred tax benefit and special items related to the divestment of its polyvinyl alcohol (PVOH) business, and acetic acid and vinyl acetate monomer plant closings at Pardies, France. Sales fell 28%, to $1.3 billion because of lower prices for acetyl intermediates and industrial specialty products. Sales also fell because of the divestment of...

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