Celanese Corporation delivered sequential growth in operating profit and adjusted EBIT despite the impact of coronavirus (COVID-19) on already weak demand levels. The growth is due to continued stability in Acetate Tow and the resiliency of Acetyl Chain and the Engineered Materials commercial models. The company reported adjusted earnings per share of $2.29 on net sales of $1.5 billion and Q1 GAAP diluted earnings per share of $1.88.
The free cash flow of $135 million and operating cash flow of $259 million generated by the global chemical and specialty materials company. As a result of continued liquidity and balance sheet strength, the company retains substantial financial flexibility. Celanese resumes executing a disciplined cash deployment strategy that will position it for growth following current challenges subside. Structural cost and capital reduction actions also have been identified and implemented by the company.
Up 4 percent over Q4 2019 on higher volume, Engineered Materials generated Q1 net sales of $563 million. Net sales of $799 million in Q1 recorded by the Acetyl Chain. GAAP operating profit of $27 million and adjusted EBIT of $67 million in Q1 reported by Acetate Tow, improvements over Q4 2019 as demand remained resilient.
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Published on April 28, 2020 10:41 AM (GMT+8)Last Updated on April 28, 2020 10:41 AM (GMT+8)
