Celanese Q3 Results Top Estimates; Sees 2020 Profit Above View

(RTTNews) - Celanese Corp. (CE), a global chemical and specialty materials company, reported that its third-quarter net earnings attributable to the company decreased to $207 million or $1.75 per share from $263 million or $2.13 per share in the previous year. Adjusted earnings per share were $1.95 compared to $2.53 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.70 per share for the third-quarter. Analysts' estimates typically exclude special items.

Net sales for the third-quarter declined to $1.41 billion from $1.59 billion last year, driven by 20 percent volume recovery over the prior quarter. Analysts expected revenue of $1.34 billion for the quarter.

The company expects full year 2020 adjusted earnings of approximately $7.00 to $7.10 per share. Analysts expect annual earnings of $6.99 per share.

Looking to 2021, the company remains confident that underlying demand will reach pre-COVID levels at some point in the year. While uncertainty remains, the company continues to be focused on controllable actions to drive strong growth next year, including productivity, production planning, and disciplined capital deployment.