US materials company Celanese announced record third quarter 2016 GAAP diluted earnings per share of US$1.83 and adjusted earnings per share of US$1.67.
“I am pleased to report the highest third quarter earnings per share performance in our history. Our results demonstrate the leadership positions that we have established in both of our cores and our ability to drive results irrespective of prevailing market conditions,” said Mark Rohr, Celanese Chairman and CEO.
Celanese‘s Materials Solutions business grew profitability over the prior year, as strong volume growth more than offset the impact of lower affiliate earnings and tow pricing. Advanced Engineered Materials generated a third quarter record operating profit and delivered the highest quarterly adjusted EBIT in the company’s history.
In the Acetyl Chain, the company preserved margins in the continuing low pricing environment. Pricing for acetic acid and derivatives was lower versus the prior year, principally driven by China and lower methanol prices, which more than offset the benefits of productivity initiatives.
Commenting on 2016 outlook, Rohr said, “As we approach the end of the year, we see no material changes in the operating environment, which is still impacted by sluggish economic growth. Utilization rates in the Acetyl Chain remain historically low, particularly in China, and growth in Europe and North America has been modest. We will continue to focus on commercial discipline and productivity actions to drive value despite a lackluster macro environment, and we expect to deliver growth in adjusted earnings per share of 8-10% for full year 2016,” said Rohr.
Source : China Plastic & Rubber Journal
