US-based acetyl and engineered materials producer Celanese reported Q4 earnings that fell below the company's earlier guidance, said the company.
The following shows the company's Q4 financial performance. Figures are in millions of dollars except for adjusted earnings/share, which are listed in dollars. Net income rose because of an $840m tax benefit that Celanese reported in the fourth quarter. That compares with a tax charge of USD27m that Celanese reported in Q4 2021.
CEO Lori Ryerkerk said Q4 results fell slightly below the company's expectations and below its adjusted earnings/share guidance range. In November, Celanese expected to report adjusted earnings/share of USD1.50-2.00. The company's shares fell by 3.60% in after-hours trading.
We remind, Celanese Corporation, a global specialty materials and chemical company, announced the completion of an ultra-low capital project to repurpose existing manufacturing and infrastructure assets to unlock additional ethylene vinyl acetate (EVA) capacity at its Edmonton, Alberta facility. The expansion supports significant growth in the Acetyl Chain’s downstream vinyls portfolio.
mrchub.com