{"id":21968,"date":"2020-07-30T08:05:14","date_gmt":"2020-07-30T06:05:14","guid":{"rendered":"https:\/\/php8.plastv.de\/?p=21968"},"modified":"2020-07-29T10:06:49","modified_gmt":"2020-07-29T08:06:49","slug":"celanese-corporation-reports-second-quarter-2020-earnings","status":"publish","type":"post","link":"https:\/\/plas.tv\/?p=21968","title":{"rendered":"Celanese Corporation Reports Second Quarter 2020 Earnings"},"content":{"rendered":"

Strong Cash Flow Generation and Solid Results<\/h2>\n

Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, reported second quarter GAAP diluted earnings per share of $0.93 and adjusted earnings per share of $1.30 on net sales of $1.2 billion. The Company exceeded expectations in mitigating the effects of COVID-19 and limited its impact on second quarter earnings to less than the previously forecasted range. These results were due to the resiliency of Acetyl Chain, the strength of Engineered Materials’ commercial model and the continued stability in Acetate Tow. Celanese generated steady operating cash flow of $379 million and free cash flow of $283 million for the second quarter. The consistent strong cash generation, resulting from the focused efforts around productivity, fixed cost management and pricing discipline, continues to strengthen the Company’s balance sheet and add capacity to pursue future growth. The recently announced Polyplastics transaction monetizes the ownership in a passive investment and further improves the Company’s ability to make opportunistic investments.<\/p>\n

“The focus and dedication of our employees, despite the challenges of COVID-19, enabled the Company to surpass our guidance for the quarter. The decisive actions taken by our global team to fully maximize the core strengths of the Company has helped to offset the severe demand deterioration, particularly in the Western Hemisphere. Even in these difficult times, the resolve and commitment of our employees is a testament to the Celanese spirit of action and collaboration. We continue to be purposeful in the steps we are taking today to prepare us for recovery and growth in the future,” said Lori Ryerkerk, chairman and chief executive officer.<\/p>\n

Second Quarter 2020 Financial Highlights:<\/b><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n<\/td>\n

\n

Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n<\/td>\n

\n

June 30,
\n2020<\/b><\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

March 31,
\n2020<\/b><\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

June 30,
\n2019<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n<\/td>\n

\n

(unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n<\/td>\n

\n

(In $ millions, except per share data)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Net Sales<\/b><\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

Engineered Materials<\/p>\n<\/td>\n

\n

420<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

563<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

593<\/p>\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

Acetate Tow<\/p>\n<\/td>\n

\n

127<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

129<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

164<\/p>\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

Acetyl Chain<\/p>\n<\/td>\n

\n

662<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

799<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

865<\/p>\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

Intersegment Eliminations<\/p>\n<\/td>\n

\n

(16<\/p>\n<\/td>\n

\n

)<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

(31<\/p>\n<\/td>\n

\n

)<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

(30<\/p>\n<\/td>\n

\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

Total<\/b><\/p>\n<\/td>\n

\n

1,193<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

1,460<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

1,592<\/p>\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

\n<\/td>\n

\n

Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n<\/td>\n

\n

June 30,
\n2020<\/b><\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

March 31,
\n2020<\/b><\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

June 30,
\n2019<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n<\/td>\n

\n

(unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n<\/td>\n

\n

(In $ millions, except per share data)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Operating Profit (Loss)<\/b><\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

Engineered Materials<\/p>\n<\/td>\n

\n

(13<\/p>\n<\/td>\n

\n

)<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

102<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

103<\/p>\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

Acetate Tow<\/p>\n<\/td>\n

\n

31<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

27<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

(44<\/p>\n<\/td>\n

\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

Acetyl Chain<\/p>\n<\/td>\n

\n

121<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

135<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

188<\/p>\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

Other Activities<\/p>\n<\/td>\n

\n

(56<\/p>\n<\/td>\n

\n

)<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

(70<\/p>\n<\/td>\n

\n

)<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

(61<\/p>\n<\/td>\n

\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

Total<\/b><\/p>\n<\/td>\n

\n

83<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

194<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

186<\/p>\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

\n<\/td>\n

\n

Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n<\/td>\n

\n

June 30,
\n2020<\/b><\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

March 31,
\n2020<\/b><\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

June 30,
\n2019<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n<\/td>\n

\n

(unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n<\/td>\n

\n

(In $ millions, except per share data)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Net Earnings (Loss)<\/b><\/p>\n<\/td>\n

\n

109<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

220<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

210<\/p>\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

Adjusted EBIT(1)<\/sup><\/b><\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

Engineered Materials<\/p>\n<\/td>\n

\n

40<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

165<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

148<\/p>\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

Acetate Tow<\/p>\n<\/td>\n

\n

64<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

67<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

71<\/p>\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

Acetyl Chain<\/p>\n<\/td>\n

\n

116<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

139<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

189<\/p>\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

Other Activities<\/p>\n<\/td>\n

\n

(21<\/p>\n<\/td>\n

\n

)<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

(29<\/p>\n<\/td>\n

\n

)<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

(32<\/p>\n<\/td>\n

\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

Total<\/b><\/p>\n<\/td>\n

\n

199<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

342<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

376<\/p>\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

Equity Earnings and Dividend Income, Other Income (Expense)<\/b><\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

Engineered Materials<\/p>\n<\/td>\n

\n

26<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

53<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

36<\/p>\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

Acetate Tow<\/p>\n<\/td>\n

\n

32<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

37<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

29<\/p>\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

Operating EBITDA(1)<\/sup><\/p>\n<\/td>\n

\n

285<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

425<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

458<\/p>\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

Diluted EPS – continuing operations<\/p>\n<\/td>\n

\n

$<\/p>\n<\/td>\n

\n

0.93<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

$<\/p>\n<\/td>\n

\n

1.88<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

$<\/p>\n<\/td>\n

\n

1.67<\/p>\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

Diluted EPS – total<\/p>\n<\/td>\n

\n

$<\/p>\n<\/td>\n

\n

0.90<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

$<\/p>\n<\/td>\n

\n

1.82<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

$<\/p>\n<\/td>\n

\n

1.66<\/p>\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

Adjusted EPS(1)<\/sup><\/p>\n<\/td>\n

\n

$<\/p>\n<\/td>\n

\n

1.30<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

$<\/p>\n<\/td>\n

\n

2.29<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

$<\/p>\n<\/td>\n

\n

2.38<\/p>\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

Net cash provided by (used in) investing activities<\/p>\n<\/td>\n

\n

(181<\/p>\n<\/td>\n

\n

)<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

(128<\/p>\n<\/td>\n

\n

)<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

(66<\/p>\n<\/td>\n

\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

Net cash provided by (used in) financing activities<\/p>\n<\/td>\n

\n

(232<\/p>\n<\/td>\n

\n

)<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

(16<\/p>\n<\/td>\n

\n

)<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

(307<\/p>\n<\/td>\n

\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

Net cash provided by (used in) operating activities<\/p>\n<\/td>\n

\n

379<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

259<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

424<\/p>\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n

\n

Free cash flow(1)<\/sup><\/p>\n<\/td>\n

\n

283<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

135<\/p>\n<\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n

\n

356<\/p>\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

\n\n\n\n\n
\n

______________________________<\/p>\n<\/td>\n<\/tr>\n

\n

(1)<\/sup><\/p>\n<\/td>\n

\n

See “Non-US GAAP Financial Measures” below.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Second Quarter 2020 Highlights:<\/b><\/p>\n