Celanese posts 4Q profit on higher sales
(AP) — Chemical maker Celanese Corp. reported a profit on Tuesday for the fourth quarter driven by higher sales volumes and lower raw material costs.
The company expects to benefit from increased volumes across all businesses and additional fixed spending reductions this year.
"We saw sustained global demand across our major end-markets and geographies throughout the second half of 2009 and expect this trend to continue in 2010," said CEO David Weidman.
Earnings amounted to $3 million, or 2 cents per share, after preferred dividends for the three months ended Dec. 31, in contrast to a loss of $157 million, or $1.09 per share, a year ago.
Results include $17 million of special charges, mostly related to the company's manufacturing and administrative restructuring efforts. Excluding one-time items, adjusted earnings amounted to 50 cents per share.
Analysts polled by Thomson Reuters expected a smaller profit of 47 cents per share, on average. Analysts typically exclude one-time items.
Revenue rose 8 percent to $1.39 billion from $1.29 billion. Analysts forecast an average revenue of $1.25 billion.
Full-year profits rose to $478 million, or $3.11 per share, compared with $272 million, or $1.73 per share, during 2008. Revenue fell 26 percent to $5.1 billion from $6.8 billion a year ago.
Shares of the company closed at $29.57 on Monday.
'His sacrifice made a difference': Gold Star mother honors son's memory Army Pfc. Raheen Tyson Heighter, 22, of Bay Shore, was the first serviceman from Long Island killed in the Iraq War.
'His sacrifice made a difference': Gold Star mother honors son's memory Army Pfc. Raheen Tyson Heighter, 22, of Bay Shore, was the first serviceman from Long Island killed in the Iraq War.
