Celanese Cuts 2011 Earnings Outlook on Weak Europe

Celanese cut its full-year 2011 adjusted earnings outlook to $4.45/share, 15 cts-25 cts below previous estimates, citing weak European demand for acetyl intermediates. Celanese’s updated outlook implies fourth-quarter adjusted earnings of 56 cts/share, about 31% below the average analyst estimate as reported by Thomson Reuters (New York). “Near-term uncertainty in Europe translated into more cautious buying behavior at the end of the quarter resulting in lower fourth quarter volumes and lower earnings than we previously expected,” says David Weidman...

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