Celanese Corporation Reports First Quarter 2011 Results; Raises Outlook for Remainder of Year

Celanese Corporation

today reported first quarter 2011 net sales of $1,589 million, a 14 percent increase from the prior year period, driven by higher pricing across all operating segments as well as improved volumes. Higher pricing was primarily attributed to the successful recovery of increased raw material input costs while volume improvement was driven by improved global demand. Pricing and volume improvements were also driven by innovation efforts within the company's Advanced Engineered Materials and Industrial Specialties segments. Operating profit increased to $188 million from a loss of $14 million in the same period last year. Other charges and other adjustments in the current period totaled $4 million, including a $20 million gain related to the resolution of commercial disputes. First quarter 2010 results included $135 million of other charges and other adjustments, primarily associated with the previously announced closure of the company's acetate manufacturing facility in Spondon, Derby, United Kingdom. Net earnings were $142 million compared with $14 million in the same period last year. Diluted earnings per share from continuing operations were $0.87 compared with $0.06 in the prior year period.