Celanese Corporation Earnings Report

NEW YORK – Shares of Celanese Corporation (NYSE:CE) plunged 13% in after-hours trading on Monday after the chemical and specialty materials company reported third quarter earnings that fell short of analyst expectations and provided weak guidance.

Celanese posted adjusted earnings per share of $2.44 for Q3, missing the consensus estimate of $2.85. Revenue came in at $2.65 billion, slightly below expectations of $2.7 billion and down 3% year-over-year.

The company faced challenges from persistent demand weakness across key end markets like paints, coatings, and construction. Celanese also experienced rapid downturns in Western Hemisphere automotive and industrial segments during the quarter.

> "In the third quarter, we faced a severely constrained demand environment that, in some cases like auto, degraded swiftly," said CEO Lori Ryerkerk. "The earnings generated fell short of our expectations."

Looking ahead, Celanese expects fourth quarter adjusted EPS of approximately $1.25, well below the $2.30 analysts were projecting. The company cited expectations for worsening demand conditions and heavier than normal seasonal destocking in automotive and industrial segments.

In response to the challenging environment, Celanese announced plans to temporarily reduce its quarterly dividend by about 95% starting in Q1 2025. The company also intends to implement additional cost reduction programs targeting over $75 million in savings by the end of 2025.

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