Celanese Earnings Call Nuggets: TCX EBIT and Supply
Celanese Corporation (NYSE:CE) recently reported its second quarter earnings and discussed the following topics in its earnings conference call.
David Begleiter – Deutsche Bank: Mark, just on the $15 million impact in AI, what was the impact versus Q1 and year-over-year? Was it up or down in terms of this turnaround within supply disruption costs?
Mark C. Rohr – Chairman and CEO: Well, it was the $450 million or so Q1 to Q2 on the surface. I can’t recall anything in Q2 last year.
Steven Sterin – SVP and CFO: Yeah, I think it’s about the same.
Mark C. Rohr – Chairman and CEO: About the same, yes. So the team says here it’s the same either way.
David Begleiter – Deutsche Bank: And just on TCX, what’s your expectation for TCX EBIT contribution or EPS contribution for the back half of the year?
Mark C. Rohr – Chairman and CEO: Yeah, really not very much David. We’re starting a plan of slow – the ethanol market, like all industrial markets in China, is really sloppy today, so we’re just taking our time to bring it up upside. We’re not – in our sort of projections for the year we’re not counting really for any contributions from ethanol as material.
David Begleiter – Deutsche Bank: For breakeven basically.
Mark C. Rohr – Chairman and CEO: Basically.