IRVING, Texas (AP) — IRVING, Texas (AP) — Celanese Corporation (CE) on Tuesday reported a fourth-quarter loss of $1.91 billion, after reporting a profit in the same period a year earlier.
On a per-share basis, the Irving, Texas-based company said it had a loss of $17.50. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to $1.45 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.20 per share.
The chemical company posted revenue of $2.37 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $2.3 billion.
For the year, the company reported a loss of $1.52 billion, or $13.93 per share, swinging to a loss in the period. Revenue was reported as $10.28 billion.
Celanese shares have increased 1% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $69.91, a decline 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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