Celanese Corporation (CE), a leading global chemical company, reported net earnings of 58 cents per share in the third quarter of 2009, beating the Zacks Consensus Estimate of 42 cents. Results, however, were lower than last year’s 78 cents. Weak pricing and lower volumes, especially for Acetyl Intermediates and Industrial Specialties products on weak global demand led to net sales of $1.3 billion in the quarter, down 28% from the same period last year. The Acetyl Intermediates segment primarily serves customers in the chemical, paint and adhesives industries. Consumer Specialties: Net sales slid 8% to $271 million in the quarter, driven by lower sales volumes primarily in North America and Europe and negative currency impacts. However, higher pricing, lower raw material and energy costs and benefits from the company’s fixed cost reduction efforts drove a 24% rise in operating profit to $52 million. Consumer Specialties continued ...

Methanex Corp. (MEOH) recently finalized a new $200 million revolving credit facility with a syndicate of banks. The new facility, which expires in May 2012, replaces the company's existing revolving facility of $250 million, set to expire in mid-2010. While Methanex stated that the new credit facility is more flexible, it did not disclose the financial terms.

The Vancouver-based company had $278 million of cash in hand at the end of the second quarter. With the new credit agreement and no near-term refinancing requirements, Methanex has positioned itself well to meet its financial commitments and continue investing in projects that stimulate growth.

Methanex is the world's largest supplier of methanol to major international markets in North America, Asia-Pacific, Europe and Latin America, with about a 15% market share.

The chemical Methanol is a blend of 68% natural gas and 32% coal. Natural gas costs have been rising resulting

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On August 5th, Celanese Corporation (CE) notified that it is planning to shut down two plastic and polyester material production units, the Cleveland County plant and Grover facility, at the Ticona Manufacturing subsidiary in North Carolina. The closure is a result of a significant decline in demand for products made at the facility and challenging market conditions, especially in the automotive and electronics sectors. Celanese stated that the shut down would result in layoffs of about 100 workers by around September 30 this year. About half of the employees to be laid off will be production operators with the rest being warehouse operators, lab analysts and mechanics. Further job cuts will be made in February 2010. The plants employed 150 workers. The layoffs will be permanent, and the plant's polymer production unit will be closed entirely. Celanese is planning to move the operations to Kentucky....

Methanex Corp. (MEOH) reported a second-quarter net loss of $5.7 million, or 6 cents per share, hurt by reduced sales volumes and lower methanol prices. This was marginally above our expectation of 9 cents and slightly below the consensus estimate of 5 cents. On a year-over-year basis, net losses were down significantly by about 85% from $38.4 million, or $0.40 per share.

Revenues more than halved to $245.5 million from $600 million in the same quarter of the previous year. About 80% of all methanol output is used in the production of formaldehyde, acetic acid and a variety of other chemicals, demand for which is influenced by the levels of global economic activity. These chemical derivatives are used in the manufacture of a wide range of products including plywood, particleboard, foams, resins and plastics. The remainder of the demand for methanol largely stems from the energy sector for

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Headquartered in Vancouver, Canada, Methanex Corporation (MEOH), the world’s largest supplier of methanol to major international markets in North America, Asia-Pacific, Europe and Latin America is scheduled to release second quarter results on July 28, after the market opens.  Methanex has not provided any guidance for the second quarter. However, it expects the global economic slowdown to continue to impact its business. The company expects methanol prices to remain relatively stable during the second quarter. In April 2009, Methanex’s average non-discounted price across all of the major regions was about $210 per ton. In its first quarter, Methanex reported a net loss of $18.4 million or $0.20 per share on a diluted basis.  Methanol, a chemical, is a blend of 68% natural gas and 32% coal. About 80% of all methanol output is used in the production of formaldehyde, acetic acid, and a variety of other ...

Based in Dallas, Texas, Celanese Corporation (CE), a leading global chemical company, announced that it would release its second quarter 2009 results on Tuesday, July 28, 2009. In the first quarter of 2009, the company had recorded a net loss of $20 million from continuing operations or $0.17 per diluted share compared to net earnings of $145 million from continuing operations or $0.87 per diluted share in the prior-year period. Net sales for the quarter declined 38% to $1.15 billion driven by lower volumes on continued weak global demand and lower pricing for acetyl products. Net sales in Advanced Engineered Materials dipped 44% to $165 million, Consumer Specialties shrunk 6% to $266 million, Industrial Specialties fell 34% to $242 million and Acetyl Intermediates dropped 51% to $572 million, all primarily driven by lower volumes. Management has not provided guidance for the second quarter 2009. The company ...