Courtesy of Benzinga.
Celanese Corporation (NYSE: CE) today updated its full year 2011 outlook for adjusted earnings per share. Previously, the company expected 2011 adjusted earnings per share to be between $4.60 and $4.70 The company now projects 2011 adjusted earnings per share of approximately $4.45 which would represent record annual performance for the company.
The company’s update reflects weakened fourth quarter economic conditions, particularly in Europe, resulting in lower than expected customer demand during the latter part of the fourth quarter of 2011. Lower end-market demand in Europe led to a sharp inventory destocking in its Acetyl Intermediates segment, which temporarily compressed margins in the fourth quarter of 2011. Additionally, the company estimated an impact of approximately $0.10 to adjusted earnings per share related to FIFO and other inventory items due to the destocking. The company also noted a modest impact to volumes in its Advanced Engineered Materials segment.
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