Celanese Corporation Q1 Report 2024

Celanese Corporation, a global chemical and specialty materials company, reported first-quarter 2024 U.S. GAAP diluted earnings per share of $1.10 and adjusted earnings per share of $2.08. The Company generated net sales of $2.6 billion in the quarter, an increase of 2 percent from the prior quarter, reflecting a sequential increase in volume of 2 percent and neutral pricing.

Highlights

• Completed the successful startup of a new 1.3 million ton Clear Lake acetic acid expansion unit.
• Completed actions to enhance the flexibility of the Acetyl Chain by building out downstream capabilities, including:
• The successful startup of a new vinyl acetate ethylene (VAE) unit in Nanjing that increases VAE capacity by 70 kt to address growing regional demand in Asia.
• The completion of global, low-capital debottlenecking projects for downstream redispersible polymer powders (RDP) to improve the flexibility in the Acetyl Chain and further address growing demand.
• Announced the planned closure of all operations in Mechelen, Belgium, a specialty compounding facility that was acquired as part of the M&M acquisition. This action is consistent with the Company’s strategy to exit high cost facilities while driving productivity in lower cost facilities.
• Elected Kim K.W. Rucker as the new lead independent director. Ms. Rucker, former Executive Vice President, General Counsel and Corporate Secretary for Andeavor (formerly Tesoro Corp.) and experienced corporate director, has been a member of the Celanese Board of Directors since 2018.