Celanese Corp Down 2.57% To $116.94 After Earnings Beat

Celanese Corporation (CE) reported better than expected earnings this afternoon for Q3 2023.

Wall Street earnings per share (EPS) projections for Celanese Corp were at $2.23. The company beat those estimates with an EPS of $2.50. The earnings per share of $2.50 (which represents a -12% EPS surprise) led to the company's profits falling 37% compared to last year when the firm reported an EPS of $3.94. The decline in Celanese Corp's annual growth rate represents how the business isn't performing well amid current economic conditions.

Revenues were downbeat at $2.7 billion. That is an increase of 18.34% in revenues from the year-ago report and is 1.70% lower than consensus estimates set at $2.8 billion.

The stock is down 2.57% to $116.94 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

Trading in the five days leading up to the report earned Celanese Corp a Bullish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 70. Meanwhile, the average Wall Street analyst rated the stock a Buy.

Celanese is one of the world's largest producers of acetic acid and its downstream derivative chemicals, which are used in various end markets, including coatings and adhesives. The company also produces specialty polymers used in the automotive, electronics, medical, and consumer end markets as well as cellulose derivatives used in cigarette filters.