IRVING, Texas (AP) — IRVING, Texas (AP) — Celanese Corporation (CE) on Monday reported third-quarter net income of $116 million.
On a per-share basis, the Irving, Texas-based company said it had net income of $1.06. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to $2.44 per share.
The results missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.84 per share.
The chemical company posted revenue of $2.65 billion in the period, which also missed Street forecasts. Six analysts surveyed by Zacks expected $2.68 billion.
For the current quarter ending in December, Celanese expects its per-share earnings to be $1.25.
Celanese shares have declined 21% since the beginning of the year. In the final minutes of trading on Monday, shares hit $123.50, a rise of nearly 7% 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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