The hottest Celanese released the third quarter fi

2022-08-08
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Celanese released the financial report for the third quarter of 2010

Celanese (NYSE Code: CE), the world's leading chemical technology and special materials company, announced today that the company achieved net sales of $1.506 billion in the third quarter of 2010, an increase of 15% over the same period of the previous year. This is mainly due to the continuous recovery of global demand since 2009, which drives the overall growth of sales in all business areas of the company. In addition, the increase in net sales was also due to the increase in product prices in most of the company's businesses. Compared with the same period last year, the operating profit margin increased to 2. 5% It means that the problem of instrument box is USD 2.1 billion, up from USD 65million in the same period last year. The financial report for the third quarter of 2009 included a net expenditure of $70million from other expenses and other adjustments, which was mainly related to the company's closure of the production base of acetic acid and vinyl acetate monomer (VAM) in France, and the above expenses were partially offset by the company's income from the sale of polyvinyl alcohol business, which was divested in July 2009. Net income for the quarter was $145million, compared with $398million a year earlier. The third quarter 2009 results included deferred tax income of approximately $382million (related to certain income tax valuation allowances). Among them, equity investment income and dividend income from strategic affiliated enterprises accounted for us $38million, an increase of US $1million over the same period last year

2010 equipment and instrument archives are archival materials that record and reflect the structure, performance, use method and operation and maintenance status of various equipment and instruments. After adjustment, earnings per share increased to US $0.88 in the third quarter of 2010, compared with us $0.58 in the same period of last year. The effective tax rate and diluted equity used in the calculation of adjusted earnings per share in this quarter were 20% and 157.9 million shares respectively. Operating income before interest, tax, depreciation and amortization in the third quarter of 2010 was US $286million, an increase of 19% year-on-year, compared with us $240million in the same period last year. Adjusted earnings per share and operating income before interest, tax, depreciation and amortization exclude the net income of $33million from other expenses and other adjustments, including the income from the reduction of legal expense reserve related to litigation caused by specific discontinued pipeline products, insurance compensation related to the shutdown of EVA high-performance polymer business and the income from the settlement of commercial disputes. In addition, the adjusted EPS excludes the $16million expenses related to the company's debt refinancing transaction, which was completed in september2010

"all our technology and special materials businesses performed very well in this quarter, and their 2010 results further demonstrated our strong profitability," said davidweidman, chairman and CEO. "The continued strength of global demand has prompted us to accelerate the benefits from customer-centric innovation, and accelerate the improvement of sustainable productivity in various business areas, thus driving the financial performance of Celanese in the third quarter and creating more value for shareholders."

summary of financial data for the third quarter:

net sales was US $1506 million, an increase of 15% over the same period last year.

operating profit was US $221million, US $65million in the same period last year.

net income was US $145million, US $398million in the same period last year.

EBITDA was US $286million, US $240million in the same period of last year

diluted earnings per share (EPS) of continuing operations was US $0.93 and US $2.53 in the same period of last year

adjusted EPS was US $0.88, US $0.58 in the same period of last year

the first three months of

as of September 30

the first nine months of

as of September 30

(unit: US $million, excluding the data composed of main cylinder, frame, auxiliary cylinder and gripper) -Unaudited

2010

2009

2010

2009

adjusted

adjusted net sales

1506

1304

4411

3694

operating profit

<221

65

363

181

net income

145

398

319

492

interest and tax Operating income before depreciation and amortization 1

286

240

860

629

diluted EPS - continuing operations

$0.93

$2.53

$2.04

$3.14

diluted EPS - all businesses

$0.92

$2.53

$2.01

$3.14

adjusted EPS 2

$0.88

$0.58

$2.64

$1.24

1 is calculated according to non US GAAP

2 is calculated according to non US GAAP

summary of recent activities:

FORTRON industries LLC, a strategic subsidiary of Celanese, announced that it would expand the capacity of its Wilmington plant in North Carolina to meet the growing global demand for FORTRON polyphenylene sulfide (PPS), a high-performance polymer that can be used in demanding industrial applications. The Wilmington plant under FORTRON Industries Co., Ltd. is the largest linear polyphenylene sulfide production plant in the world, with an annual capacity of 15000 tons

the company decided to integrate and optimize the global acetate production capacity and shut down its production business of spindon acetate tow and vinegar flake in Derby, UK. Celanese plans to close all production operations at the production base in the second half of 2011. The company expects to control the expenditure of the whole project between 80million and 120million dollars, which will save the company 40million to 60million dollars every year

Celanese adjusted and extended the existing senior secured credit line and issued US $600million of unsecured senior bonds. The company will use the proceeds from the sale of bonds and about US $200million of cash on hand to repay the US $800million loan within the term loan line. As a result, the company's original $2.7 billion term loan due in 2014 was reduced to $2.5 billion of guaranteed and unsecured debt, which can show excellent printing quality under the conditions of meeting various regulatory requirements. The maturity times of these debts are 2014, 2016 and 2018 respectively

outlook

based on the strong performance in the first three quarters of this year, although the demand in the fourth quarter is expected to change seasonally, it will continue to grow healthily. The company has firm confidence in its profit growth plan, so it has raised its annual performance forecast for 2010. At present, the company expects that the adjusted earnings per share and operating income before interest, tax, depreciation and amortization in 2010 will be at least US $155million and US $270Million higher than that in 2009 respectively. The company had previously estimated that the adjusted earnings per share and operating income before interest, tax, depreciation and amortization in 2010 were at least US $140 million and US $260million higher than those in 2009 respectively

in addition to raising the full year 2010 forecast, the company is confident that the operating income before interest, tax, depreciation and amortization (EBITDA) in 2011 is expected to be at least $150million higher than the adjusted 2010 forecast. In addition, the company also expects that the adjusted EPS for the whole year of 2011 will be at least 0.60 USD/share higher than the adjusted 2010 forecast. The expected increase in adjusted earnings per share is affected by the company's recent debt transactions and other strategic activities announced earlier

"although we expect that the fourth quarter will be affected by normal seasonal factors, we continue to believe that the demand in all business areas will maintain a healthy development momentum," Weidman said, "Looking forward to 2011, we believe that with our strong strength in technology and special materials business portfolio and a series of measures to improve production efficiency, our financial situation will continue the good growth momentum in 2010."

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