IRVING, Texas (AP) — IRVING, Texas (AP) — Celanese Corporation (CE) on Monday reported a first-quarter loss of $21 million, after reporting a profit in the same period a year earlier.
The Irving, Texas-based company said it had a loss of 19 cents per share. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 57 cents per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.
The chemical company posted revenue of $2.39 billion in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $2.26 billion.
For the current quarter ending in June, Celanese expects its per-share earnings to range from $1.30 to $1.50.
Celanese shares have fallen 35% since the beginning of the year. In the final minutes of trading on Monday, shares hit $44.77, a drop of 72% 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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