Celanese Corporation, a global technology and specialty materials company, reported first quarter 2013 adjusted earnings per share of $1.14 versus $0.79 in the prior year quarter.
First quarter 2013 financial highlights: -GAAP operating profit of $184 million, up 66 percent over the prior year period -GAAP earnings per share of $0.88, down 27 percent from the prior year period due to GAAP taxes -Adjusted earnings per share of $1.14, up 44 percent over the prior year period -Adjusted EBIT of $269 million, up 37 percent over the prior year period -Adjusted EBIT margins of 16.8 percent, up 480 basis points over the prior year period -Adjusted EBIT increased year-over-year in Consumer Specialties, Advanced Engineered Materials and Acetyl Intermediates segments -Cash on hand increased to $978 million -Net debt decreased to less than $2.1 billion -Received quarterly dividend from China acetate ventures of $24 million.
"Celanese delivered a strong quarter. We expanded adjusted EBIT margins both sequentially and year-over-year by more than 400 basis points as we continued to deliver value added solutions to our customers and began to see the impact of the Celanese-specific actions we are implementing. Our combined efforts helped us grow adjusted earnings per share by 44 percent over the prior year period," said Mark Rohr, chairman and chief executive officer. "Celanese continued to deliver good cash flow results in the first quarter and further increased the cash on our balance sheet. While we are off to a good start, our global teams must remain focused and continue to deliver improved results throughout the year for us to achieve our growth objectives." Recent Highlights -Signed a Memorandum of Understanding ("MOU") with Pertamina, the state-owned energy company of the Republic of Indonesia, to begin the detailed project planning phase for the development of fuel ethanol projects in Indonesia.
The MOU outlines the parties' intentions to establish a joint venture under which Celanese would have a majority share and would license its leading TCX Technology to the joint venture. Under the MOU, Celanese and Pertamina will select the first production location, initiate project permitting, and negotiate coal supply and other industrial partner agreements. Celanese and Pertamina expect to complete this phase of the MOU by the end of 2013.
-Received the JEC Innovation Award for the first thermoplastic composite tailplane for a helicopter. The new composite tailplane of the Agusta Westland AW 169 helicopter results in 15 percent weight reduction from conventional composites and contributes considerably to fuel savings and lower emissions.
