Celanese Corp. (CE) announced a decline in profit for the second quarter compared to the same period last year, falling short of Wall Street expectations.
The company's earnings stood at $155 million, or $1.41 per share, compared to $220 million, or $2.01 per share, in the second quarter of the previous year.
Excluding special items, adjusted earnings for Celanese Corp. were $2.38 per share for the quarter.
On average, analysts had anticipated earnings of $2.71 per share, based on data from Thomson Reuters. Typically, analysts' estimates exclude special items.
Revenue for the quarter decreased by 5.2% to $2.651 billion, down from $2.795 billion in the same period last year.
Summary of Celanese Corp. Earnings (GAAP):
- Earnings for Q2: $155 million vs. $220 million last year.
- EPS for Q2: $1.41 vs. $2.01 last year.
- Revenue for Q2: $2.651 billion vs. $2.795 billion last year.
