Celanese Corp. (CE) has reported an increase in profit for its first quarter, outperforming the market predictions.
The company’s net income was $124 million, translating to $1.10 per share. This represents a substantial increase compared with the $93 million or $0.83 per share reported in the first quarter last year.
When special items were excluded, Celanese Corp. posted an adjusted per-share earnings of $2.08 for the period.
On average, analysts had predicted that the company would earn $1.91 per share during this period, according to data collated by Thomson Reuters. It should be noted that analysts typically exclude special items from their estimates.
However, the company's offsetting note was its revenue fell by 8.4%, going down to $2.61 billion from the $2.85 billion reported the previous year.
To sum up, a glance at Celanese Corp. earnings (GAAP) reveals that Q1 earnings were $124 million compared to $93 million last year. The earnings per share for Q1 were $1.10 as opposed to $0.83 last year and the company’s Q1 revenue stands at $2.61 billion compared to $2.85 billion last year.
