00:55 AM | July 18, 2013 | Robert Westervelt
Celanese posted second-quarter net earnings of $133 million, down 40% from the year-ago quarter. Reported adjusted earnings were $1.12/share, a 28% decline year-on-year (YOY), and 3% below consensus estimates as reported by Thomson Reuters. Net sales were $1.65 billion, down 1.3% YOY. Celanese says volumes and pricing both fell 1% YOY.
“Coming into the quarter, we did not anticipate any favorable tailwinds from the global economy. That certainly turned out to be the case for most businesses,” says Celanese chairman and CEO Mark Rohr. “We have actually seen growth rates slow in several economies in the past 90 days as Europe continues to be in contraction and China experiences increasing growth and liquidity challenges in a slowing environment.”