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Celanese profit misses consensus by 17.6% in Q2

Celanese Corp. said its second-quarter normalized net income came to $1.17 per share, compared with the S&P Capital IQ consensus estimate of $1.42 per share.

EPS fell 18.0% year over year from $1.43.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $180.3 million, a decrease of 19.1% from $222.9 million in the year-earlier period.

The normalized profit margin dropped to 12.2% from 12.6% in the year-earlier period.

Total revenue fell 16.5% on an annual basis to $1.48 billion from $1.77 billion, and total operating expenses decreased 18.3% on an annual basis to $1.23 billion from $1.51 billion.

Reported net income fell 20.3% from the prior-year period to $206.3 million, or $1.34 per share, from $259.1 million, or $1.66 per share.