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Celanese Corp Q2 sequential sales down 2.9%
Jul '13
Celanese Corporation , a global technology and specialty materials company, reported second quarter 2013 adjusted earnings per share of $1.12 versus $1.14 in the prior quarter.

Second quarter 2013 financial highlights:

-Adjusted earnings per share of $1.12, down $0.02 from the prior quarter
-Segment income margin increased to 22.3 percent in Advanced Engineered Materials, Consumer -Specialties and Industrial Specialties
-Cash on hand increased to $1.1 billion
-Net debt decreased to less than $2.0 billion
-GAAP earnings per share of $0.83, down $0.05 from the prior quarter
-GAAP operating profit of $169 million, down $15 million from the prior quarter

"Celanese's second quarter results reflect the continued success we are having by delivering value-added solutions to our customers in diverse end-use markets and geographic regions as we increased segment income margins to 22.3 percent sequentially in Advanced Engineered Materials, Consumer Specialties and Industrial Specialties.

This success was tempered by lower segment income in Acetyl Intermediates as the economies ofAsia and Europe demonstrated softer conditions than the first quarter and as we executed a number of plant turnarounds," said Mark Rohr, chairman and chief executive officer.

"Celanese continued to deliver good cash flow results in the second quarter and further increased the cash on our balance sheet and reduced net debt to the lowest quarterly level since March 2005. We are well positioned to pursue our balanced cash deployment strategy."

Recent Highlights

Signed an agreement with Mitsui & Co., Ltd., of Tokyo, Japan, to establish a joint venture for the production of methanol at Celanese's integrated chemical plant in Clear Lake, Texas. The total investment in the facility is estimated to be $800 million.

Celanese's portion of the cash investment is estimated to be $300 million, in addition to previously invested assets at the company's Clear Lake facility. The planned methanol facility will have an annual capacity of 1.3 million tons and is expected to begin operations in mid-2015.

Announced that its board of directors approved a 20 percent increase in the company's Series A Common Stock quarterly cash dividend. The quarterly dividend rate increased to $0.09 from $0.075 per share of Common Stock on a quarterly basis and to $0.36 from $0.30 per share of Common Stock on an annual basis. The new dividend rate began in May 2013.

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