Celanese Earnings Miss Estimates on Weakness in Europe

Celanese reported lower-than-expected first quarter net earnings of $183 million, up 24% from the year-ago quarter, citing weakness in Europe, particularly poor margins and demand for acetyls. Reported adjusted earnings were 72 cts/share, short of the consensus of analyst estimates of 77 cts/share as reported by Thomson Reuters (New York). First quarter sales rose 2.8%, to $1.63 billion, driven by higher volumes in the acetyl intermediates and industrial specialties segments. Celanese expects the current challenging market conditions in Europe and Asia outside of...

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