Celanese Corporation, a global chemical and specialty materials company, reported first quarter 2024. The company generated net sales of US$ 2.6 billion in the quarter, an increase of 2 per cent from the prior quarter, reflecting a sequential increase in volume of 2 percent and neutral pricing.

Celanese continued to execute against controllable actions in a demand environment that is stabilizing but has not yet returned to normalized levels. As a result, the company largely offset the sequential impacts of first quarter seasonality as well as significantly higher expenses associated with the completion of planned turnarounds.

Celanese reported first quarter operating profit of US$ 210 million, adjusted EBIT of US$ 407 million, and operating EBITDA of US$ 583 million at margins of 8, 16, and 22 percent, respectively.

"Our first quarter results demonstrate our ability to execute in a commercial environment that has stabilized but still shows limited signs of meaningful recovery," said Lori Ryerkerk, chair and chief executive officer. "We saw the realization of financial benefits from actions that were completed last year, particularly within the former M&M portfolio, and we continue to put in place further initiatives to enhance the earnings power of Celanese. I thank our teams for their dedication in executing our plan, allowing us to exceed our previous earnings expectations for the quarter."

Outlook

"Given the current demand environment and muted seasonal commercial lift, our focus will remain on what we can control to sustainably lift the earnings of Celanese," said Lori Ryerkerk. "Along with further improvement in the profitability of our acquired product portfolio, we expect benefits from our Clear Lake expansion, Uentrop closure, and SAP S/4HANA ERP integration to contribute in the second quarter and accelerate across the year. Because of these foundational value creation initiatives, I am confident we will deliver a ramp in earnings performance in the second quarter and into the second half of the year."