Celanese Corporation Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
January 23, 2014 at 05:00 pm
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Celanese Corporation reported consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net sales were $1,616 million against $1,501 million a year ago. Operating profit was $944 million against loss of $290 million a year ago. Earnings from continuing operations before tax was $955 million against loss of $263 million a year ago. Earnings from continuing operations was $656 million or $4.16 diluted per share against loss of $167 million or $1.05 diluted per share a year ago. Net earnings attributable to Celanese Corporation was $654 million or $4.15 diluted per share against loss of $169 million or $1.06 diluted per share a year ago. Adjusted EBIT was $244 million or $1.04 per share against $279 million a year ago. Operating EBITDA was $319 million against $355 million a year ago. During the fourth quarter of 2013, the company generated $154 million of operating cash flow driven by continued strong earnings. Adjusted free cash flow for the quarter was $37 million. As of December 31, 2013, the company's net debt was less than $2.1 billion, a $59 million decrease from December 31, 2012.
For the year, the company reported net sales were $6,510 million against $6,418 million a year ago. Operating profit was $1,508 million against $175 million a year ago. Earnings from continuing operations before tax was $1,609 million against $321 million a year ago. Earnings from continuing operations was $1,101 million or $6.91 diluted per share against $376 million or $2.35 diluted per share a year ago. Net earnings attributable to Celanese Corporation was $1,101 million or $6.91 diluted per share against $372 million or $2.33 diluted per share a year ago. Adjusted EBIT was $1,056 million or or $4.50 per share against $962 million or $4.07 per share a year ago. Operating EBITDA was $1,358 million against $1,262 million a year ago.
Celanese Corporation specializes in the manufacture and marketing of chemicals and specialty materials. The products are intended for the production of automotive components, beverages and food products, cigarette filters, paints and coatings, packaging, textiles, etc. Net sales by category of products break down as follows:
- acetyl products (55.7%);
- high performance engineering polymers (44.3%).
Net sales are distributed geographically as follows: the United States (25.8%), Germany (22.6%), China (17.8%), Singapore (10.5%), Belgium (4.6%), Mexico (3.3%), Japan (2.9%), Switzerland (2%), India (1.4%), South Korea (1.4%), Brazil (1.3%), Canada (1.3%), France ( 0.8%), the United Kingdom (0.8%), Italy (0.7%), Spain (0.5%), and other (2.3%).