Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Chemicals maker Celanese Corp misses quarterly profit estimates on lower prices

Published 02/20/2024, 05:36 PM
Updated 02/20/2024, 06:39 PM
© Reuters.

(Reuters) - Chemicals maker Celanese (NYSE:CE) Corp missed Wall Street estimates for fourth-quarter profit on Tuesday, weighed by lower prices for its products across units.

The company forecast adjusted earnings in the range of $1.75 per share to $2.00 per share in the first quarter of 2024, compared with analysts' estimate of $2.53 per share.

Celanese added it does not expect "volumes and pricing conditions to materially improve to start 2024", sending its shares down about 7% in extended trading.

"Early signs of demand improvement in certain products and end-markets are insufficient to improve the overall sequential backdrop we see early in 2024...," said CEO Lori Ryerkerk.

Chemicals companies in the U.S. have been struggling to trim excess inventory due to a slower-than-expected rebound in demand from Europe and China.

On an adjusted basis, the Dallas-based firm earned $2.24 per share in the quarter ended Dec. 31, compared with analysts' estimate of $2.31 per share, according to LSEG data.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.