IRVING, Texas (AP) — IRVING, Texas (AP) — Celanese Corporation (CE) on Wednesday reported first-quarter profit of $121 million.
On a per-share basis, the Irving, Texas-based company said it had profit of $1.10. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, were $2.08 per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.91 per share.
The chemical company posted revenue of $2.61 billion in the period, which fell short of Street forecasts. Six analysts surveyed by Zacks expected $2.75 billion.
For the current quarter ending in June, Celanese expects its per-share earnings to range from $2.60 to $3.
Celanese shares have increased 5% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $163.27, a climb of 54% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CE at https://www.zacks.com/ap/CE
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