By Ben Glickman
Celanese Corp. saw lower profits in the second quarter as the company faced soft demand and inventory destocking.
The Dallas-based chemical and specialty materials supplier said it posted a profit of $220 million, or $2.01 a share, in the second quarter, compared with $434 million, or $3.98 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $2.28.
Stripping out certain one-time items, adjusted per-share earnings came to $2.17, below the $2.49 forecast by analysts, according to FactSet.
Revenue rose to $2.8 billion from $2.49 billion a year earlier, missing the $2.96 billion expected by analysts polled by FactSet.
Celanese’s sales fell 2% sequentially, as a 4% drop in prices offset a 2% rise in sales volumes.
The company said it continued to face soft demand, destocking in certain end-markets and greater competition. Celanese also said it reduced its inventory balances by $235 million in the quarter.
Write to Ben Glickman at ben.glickman@wsj.com
By Ben Glickman
Celanese Corp. saw lower profits in the second quarter as the company faced soft demand and inventory destocking.
The Dallas-based chemical and specialty materials supplier said it posted a profit of $220 million, or $2.01 a share, in the second quarter, compared with $434 million, or $3.98 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $2.28.
Stripping out certain one-time items, adjusted per-share earnings came to $2.17, below the $2.49 forecast by analysts, according to FactSet.
Revenue rose to $2.8 billion from $2.49 billion a year earlier, missing the $2.96 billion expected by analysts polled by FactSet.
Celanese’s sales fell 2% sequentially, as a 4% drop in prices offset a 2% rise in sales volumes.
The company said it continued to face soft demand, destocking in certain end-markets and greater competition. Celanese also said it reduced its inventory balances by $235 million in the quarter.
Write to Ben Glickman at ben.glickman@wsj.com
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