Celanese Reported Second Quarter 2014 Adjusted Earnings Per Share of $1.47 Versus $1.33

Celanese Corporation, a global technology and specialty materials company, reported second quarter 2014 adjusted earnings per share of $1.47 versus $1.33 in the prior quarter.

Highlights:
-Achieved record adjusted earnings of $1.47 per share, up 11 percent from the prior quarter and 31 percent from same quarter prior year
-Increased adjusted EBIT margin by 90 basis points from the prior quarter to 18.6 percent, driven by Advanced Engineered Materials, Industrial Specialties and Acetyl Intermediates
-Repurchased approximately 0.8 million shares at an average price of $59.87, deploying $50 million of cash
-Ended the quarter with approximately $1.1 billion cash on hand, up from prior quarter
-GAAP earnings were $1.66 per share compared to $1.25 per share in the prior quarter and $0.83 per share in the prior year quarter

"Our second quarter adjusted EPS was the highest in our history at $1.47 per share. We expanded segment income margin to 18.6 percent, a 90 basis point improvement sequentially and a 260 basis point improvement year-over-year. These results were driven by the efforts of our global teams that continued to deliver customer-centric applications that add value. We are also benefiting from the strategic decision to operate our technology-enabled business in a manner that increases our underlying business flexibility and our ability to take advantage of prevailing industry trends," said Mark Rohr, chairman and chief executive officer.

"We again delivered strong cash flow, deploying $50 million on share repurchases and $39 million on dividends in the quarter. With a cash balance of $1.1 billion and net debt balance of less than $2.0 billion, we have an opportunity to create value through our balance sheet."

Second Quarter Business Segment Overview
Advanced Engineered Materials
In the second quarter, Advanced Engineered Materials generated record quarterly revenue of $389 million and expanded segment income margin by 170 basis points sequentially to 24.2 percent, on segment income of $94 million. Volumes increased 4 percent from the prior quarter. Demand for the company's advanced polymers in autos continues to be strong.

Additionally, the business' ability to develop products and applications that resonate with customer needs drove incremental growth in consumer applications primarily in Asia and industrial applications in North America and Asia. Earnings from affiliates were $45 million. GAAP operating profit was $56 million.