Celanese Resumes Normal Operations of Acetic Acid Unit at Clear Lake, Texas Facility; Updates Full-Year Outlook for Adjusted Earnings Per Share to between $2.85 and $3.00
Celanese Corporation (NYSE: CE), a global hybrid chemical company, today announced that the acetic acid unit at its Clear Lake, Texas facility has resumed normal operations and is producing at nameplate capacity of 1.2 million tons per year. The company will continue to utilize its global production capacity to replenish its supply chain in order to meet customer requirements.
The company also updated its full-year financial outlook and now expects adjusted earnings to be between $2.85 and $3.00 per share. The company estimated the impact of the outage to be between $0.15 and $0.25 per share for the full year. Guidance for 2007 adjusted earnings per share is based on a weighted average diluted share count of 172 million shares outstanding. The company’s previous guidance range was between $2.85 and $3.15 per share. The company also expects operating EBITDA to be between $1,180 million to $1,220 million versus the previous guidance of between $1,180 million and $1,250 million.
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