Despite challenges, Celanese Corp. posts second highest quarterly earnings in company history

Global technology and specialty materials company Celanese Corp. reported net sales of US$1.675 million in the second quarter of 2012, a 4% decrease from the same period last year. Although the company delivered higher overall volumes, results were impacted by lower pricing, mainly in its Acetyl Intermediates business, as well as unfavorable currency effects.
Operating profit reached US$164 million compared with US$209 million in the same period of the previous year. Although margins expanded in the Celanese’s Industrial Specialties and Consumer Specialties businesses, the gains did not completely offset lower margins in the company’s Acetyl Intermediates business because of three factors: the elevated industry margins in the previous year, the worsening economic environment in Europe and slower growth in Asia.
“Celanese delivered the second highest quarterly earnings in company history despite a more challenging global economic environment. Sequentially, each of our businesses delivered improved operating results while remaining focused on providing value-added solutions for our customers. Additionally, with the exception of Acetyl Intermediates, our portfolio of businesses expanded margins year-over-year,” said Mark Rohr, chairman and chief executive officer.
“Celanese’s operating cash flow in the quarter resulted in the second lowest net debt level since the company’s IPO in 2005 and enabled us to continue to pursue our balanced capital deployment strategy.” (July 23, 2012)