Home / Knowledge / News / Textiles / Results of Celanese Corp reflect strong top-line growth
Results of Celanese Corp reflect strong top-line growth
22
Jul '08
Celanese Corporation reported record net sales of $1,868 million, a 20 percent increase from the prior year's results, as higher pricing on continued strong demand, positive currency impacts, and higher volumes associated with the company's growth strategy in Asia, all contributed to strong top-line growth.

Operating profit more than doubled to $207 million from $71 million in the prior year period. The company's growth in Asia and certain advantaged raw material positions helped to mitigate the impact of significantly higher overall raw material and energy costs.

Last year's results included $105 million of other expenses primarily related to a long-term management compensation program and also included the impact of the unplanned outage at the company's Clear Lake, Texas, facility. Net earnings were $134 million compared with a loss of $117 million in the same period last year.

The second quarter 2008 results included approximately $69 million in net losses from discontinued operations, principally related to a previously announced litigation settlement. The 2007 results included the impact of the company's debt refinancing transaction, which was completed in April 2007.

Adjusted earnings per share for the second quarter were $1.20, a 41 percent increase over the prior year period, reflecting strong volume and pricing on continued strong demand, as well as increased dividends from the company's strategic affiliates. This quarter's results excluded approximately $24 million of certain other adjustments, primarily related to the company's revitalization activities. Operating EBITDA increased to a record $406 million, up 24 percent from last year.

“We delivered record second quarter earnings despite challenging global economic conditions and significant inflation in raw material and energy pricing,” said David Weidman, chairman and chief executive officer. “Once again, our results demonstrate the strength and earnings power of Celanese's attractive portfolio of businesses.”

Recent Highlights
• Successfully started up its newly constructed 20,000 ton GUR ultra-high molecular weight polyethylene (UHMW-PE) facility, 100,000 ton acetic anhydride facility, and 300,000 ton vinyl acetate monomer facility, all located at the company's integrated chemical complex in Nanjing, China.
• Signed an agreement to establish a 20,000 square-meter commercial and technology center in Shanghai. Expected to be completed in early 2010, the new center will combine the headquarters for Celanese's Asia businesses, customer application development and research and development facilities.
• Celanese's Nutrinova business and BRAIN AG, a leading European biotech company, identified all-natural compounds for high intensity sweeteners and sweetness enhancers.
• Introduced EcoVAE, a new vinyl acetate/ethylene (VAE) emulsion technology specially designed to facilitate the manufacture of high quality, eco-friendly paints for North America.

Must ReadView All

Courtesy: Li & Fung

Textiles | On 29th Mar 2017

Li & Fung introduces new 3-year plan 2017-2019

Li & Fung Limited has outlined its next Three-Year Plan (2017-2019)...

Courtesy: Carrington

Apparel/Garments | On 29th Mar 2017

Carrington Workwear signs JV with TMG Textiles

Carrington Workwear, one of the largest producers of workwear fabrics ...

Apparel/Garments | On 29th Mar 2017

Jabong launches Aeropostale on its platform

Jabong has added leading American high-street fashionwear brand,...

Interviews View All

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search