Celanese Q2 Profit Down

(RTTNews) - Celanese Corp. (CE) on Tuesday reported a drop in profit for the second quarter.

The chemical and specialty materials company reported second-quarter net earnings of $125 million, or $1.13 per share, compared with $197 million, or $1.80 per share, in the prior-year period. Earnings from continuing operations were $1.15 per share, down from $1.89 a year ago.

Adjusted earnings were $2.45 per share, up from $1.43 per share last year.

Net sales increased to $2.75 billion from $2.53 billion a year earlier, reflecting a 4% increase in volume and a 14% increase in price.

For the third quarter, Celanese expects adjusted earnings of $1.35 to $1.75 per share. The company continues to expect full-year adjusted earnings of about $6.00 per share.