Celanese Corp. has reported a 29 percent drop in earnings for the first quarter of 2017 ended March 31, mostly driven by weak performance of its Acetyl Chain segment.
Net earnings fell to $184 million for the quarter while operating profit fell 33 percent to $192 million, the Dallas-based company announced April 17.
In its Advanced Engineered Materials segment, however, the group saw volumes grow by a “double-digit” figure, driven by “the commercialization of new pipeline opportunities, growth in Asia, and the So.F.TeR. integration.”
The company closed a “record” 513 projects in the first quarter, a 70 percent increase from the same period last year, in engineered materials.
In the three months to end of March, Celanese also signed a 15-year agreement with Praxair to buy high-purity carbon monoxide from a new facility, which it said “will enhance the flexibility of critical raw material supply and solidify future growth opportunities for Celanese.”
Advanced Engineered Materials generated operating profit of $98 million and “the highest ever segment income of $143 million,” Celanese said.
Affiliate earnings in Materials Solutions were $13 million higher than the same quarter in 2016 mainly due to strong performance at the Fortron affiliate and solid demand at the Advanced Engineered Materials' Asian affiliates.