Celanese net sales up 13% at US$ $9.7 billion in 2022
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Celanese net sales up 13% at US$ $9.7 billion in 2022

The company reported 2022 consolidated operating profit of $1.4 billion and adjusted EBIT of $2.2 billion

  • By ICN Bureau | February 27, 2023

Celanese Corporation, a global chemical and specialty materials company, reported highest-ever GAAP diluted earnings per share of $17.41 and second-highest ever adjusted earnings per share of $15.88 for full year 2022.

The company generated record net sales of $9.7 billion in the year, an increase of 13 percent over the prior record set in 2021. Full year net sales reflected increases in pricing and volume of 11 percent and 6 percent over 2021, respectively.

Celanese delivered year over year pricing growth and productivity across both business segments to largely offset over $1.2 billion in raw material, energy, and supply chain cost inflation over 2021. As a result, the company reported 2022 consolidated operating profit of $1.4 billion and adjusted EBIT of $2.2 billion. During the year, the company generated record operating cash flow of $1.8 billion and free cash flow of $1.3 billion. Celanese returned $297 million in cash to shareholders via dividends in 2022.

On November 1, 2022, the company successfully completed the acquisition of the Mobility & Materials (M&M) business of DuPont, acquiring a broad portfolio of engineered thermoplastics and elastomers, industry-renowned brands and intellectual property, global production assets, and a world-class organization. The acquisition establishes Celanese as the preeminent global specialty materials company. Full year 2022 financial results reflect the contribution of M&M performance in November and December.

The difference between GAAP diluted earnings per share and adjusted earnings per share for 2022 was primarily due to an income tax provision for U.S. GAAP that was a benefit for full year 2022 as a result of non-recurring internal restructuring transactions related to the M&M acquisition. The impact of the beneficial tax recognition more than offset the impact of costs related to the M&M acquisition, including approximately $267 million in M&A-related costs, and $158 million in net interest expense incurred prior to transaction closing and certain fees related to debt issued.

Celanese also reported fourth quarter GAAP diluted earnings per share of $7.03 and adjusted earnings per share of $1.44. The Company generated operating cash flow of $541 million and free cash flow of $395 million in the quarter.

"Our team delivered resilient performance despite an exceptionally challenging end to 2022 including accelerated destocking, poor sequential demand in Asia due to COVID, challenging competitive dynamics in Europe, and the impact of Winter Storm Elliott," said Lori Ryerkerk, Chair and Chief Executive Officer.

"Our 2022 adjusted earnings per share performance was within 12 percent of our all-time high delivered in 2021 and 44 percent higher than our next best year. Despite the impact of elevated volatility across a number of external dynamics, our Celanese team continues to execute our business models and demonstrate a long-term underlying lift in the earnings power of the company."

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