Celanese Corporation, a global chemical and specialty materials company, reported record GAAP diluted earnings per share of $17.06 and record adjusted earnings per share of $18.12 for full year 2021.

he Company reported 2021 net sales of $8.5 billion, 51 percent higher than the previous year. Higher net sales were driven by pricing and volume increases over the prior year of 39 percent and 10 percent, respectively.

Celanese successfully offset $1.1 billion in raw material, energy, and logistics cost inflation over 2020 to deliver consolidated operating profit of $1.9 billion and adjusted EBIT of $2.5 billion for the year, both records.

The company generated record operating cash flow of $1.8 billion and record free cash flow of $1.3 billion. As part of its strategic plan to drive earnings per share growth, the company deployed $2.6 billion to organic investments, M&A, and share repurchases in 2021. In addition, during 2021 the company returned $304 million in cash to shareholders via dividends.

Celanese also reported fourth quarter GAAP diluted earnings per share of $4.83 and adjusted earnings per share of $4.91. The Company generated operating cash flow of $584 million and free cash flow of $415 million in the quarter.

"I thank our teams for the commitment and agility they demonstrated in what was an exceptionally volatile year. They successfully navigated a series of external challenges including Winter Storm Uri, supply chain and logistics disruptions, China production curtailments, and the resurgence of multiple COVID-19 variants to deliver record 2021 adjusted earnings per share that exceeded our prior record performance by a remarkable 65 percent," said Lori Ryerkerk, Chairman and Chief Executive Officer.

Commenting on the outlook, he said: "The early 2022 order book reflects continued strong demand for our products across most end markets. While we continue to closely monitor the impact of COVID-19 variants on demand conditions, the persistent inflationary and volatile supply chain backdrop remains our greatest challenge. Our record 2021 performance demonstrates the ability of our employees and business models to preserve our profitability amid inflation. We anticipate that sequential margin expansion in the first quarter in our downstream businesses, led by Engineered Materials, will help to offset anticipated moderation in Acetyl Chain pricing conditions and drive expected first quarter adjusted earnings of $4.30 to $4.60 per share. With a strong start to the year, we remain confident in our ability to achieve adjusted earnings of at least $15.00 per share in 2022."