Celanese repays $405 million of short-term debt during first quarter

By Lisa Kerner

Charlotte, N.C., April 19 – Celanese Corp. repaid $405 million of short-term borrowings during the first quarter ended March 31 and finished the quarter with more than $700 million of cash on hand, according to chairman and chief executive officer Mark Rohr.

The company held its earnings conference call on Monday.

At quarter’s end, Celanese had short-term borrowings and current installments of long-term debt of $116 million, compared with $513 million at Dec. 31.

Long-term debt totaled $2.49 billion at quarter’s end, compared with $2.47 billion at year’s end, according to the earnings release.

Celanese reported record adjusted earnings per share of $1.83, a 46% increase from the prior quarter and a 6% increase from the prior-year period.

Free cash flow of $217 million was the highest-ever first-quarter performance, the company said.

“Our balance sheet stands in great position to execute our M&A and capital deployment strategies,” Rohr said.

Celanese is a Dallas-based producer of specialty and intermediate chemical products.

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