Celanese Corp. (CE), a global technology and specialty materials company, reported first quarter net earnings available to shareholders of $142 million or $0.89 per share, compared to $193 million or $1.21 per share in the comparable quarter last year.
Adjusted earnings for the latest first quarter was $183 million or $1.14 per share, up from $126 million or $0.79 per share in the prior year period.
Net sales decreased to $1.61 billion from $1.63 billion in the year-ago period.
On average, analysts polled by Thomson Reuters expected the company to report profit of $0.80 per share on revenue of $1.62 billion for the quarter. Analysts' estimates typically exclude special items.
The company continue to expect adjusted earnings per share growth for 2013 will be consistent with its long-term growth objectives of 12 to 14 percent despite the higher 2012 earnings base after its pension accounting policy change and the challenging global economic environment that the company anticipate to continue throughout 2013.
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