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Celanese profit misses consensus by 22.8% in Q3


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Celanese profit misses consensus by 22.8% in Q3

Celanese Corp. said its third-quarter normalized net income amounted to $1.06 per share, compared with the S&P Capital IQ consensus estimate of $1.37 per share.

EPS declined 21.6% year over year from $1.35.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $160.0 million, a decline of 23.7% from $209.8 million in the prior-year period.

The normalized profit margin declined to 11.3% from 11.9% in the year-earlier period.

Total revenue decreased 20.1% year over year to $1.41 billion from $1.77 billion, and total operating expenses declined 17.7% year over year to $1.22 billion from $1.48 billion.

Reported net income fell 37.3% from the prior-year period to $161.6 million, or $1.07 per share, from $257.6 million, or $1.66 per share.