Celanese ( (CE) ) has released its Q3 earnings. Here is a breakdown of the information Celanese presented to its investors.
Celanese Corporation is a global chemical and specialty materials company that provides advanced material solutions across various industries, including automotive, consumer electronics, and construction, emphasizing sustainability and innovation.
In its third-quarter earnings report for 2024, Celanese Corporation reported U.S. GAAP diluted earnings per share of $1.08 and adjusted earnings per share of $2.44, with net sales totaling $2.6 billion. The company faced challenges due to weakened demand in key markets, impacting its overall performance.
Celanese’s financial highlights include an operating profit of $248 million and operating EBITDA of $644 million. The company has announced strategic measures to address current market conditions, including a temporary 95 percent reduction in its quarterly dividend and cost-reduction programs aimed at saving over $75 million by the end of 2025. Celanese is also focusing on capital efficiency by reducing manufacturing costs and inventory release.
Despite the challenging environment, Celanese unveiled expansions in its Asia Technology Center and opened a new lab in Shenzhen, China, to bolster its presence in high-growth areas. Additionally, the company elected a new board member, Bruce Chinn, to enhance its leadership.
Looking ahead, Celanese expects further demand challenges in the fourth quarter, particularly in automotive and industrial segments, and is preparing to slow production to align with demand. The management remains committed to driving business improvements through earnings growth, cost reductions, and strategic deleveraging to enhance long-term shareholder value.
