Celanese Reports Q4 Loss, Beats Estimates
Celanese Corporation (CE) announced a fourth-quarter loss of $1.91 billion, reversing a profit from the same period last year. On a per-share basis, the Irving, Texas-based company reported a loss of $17.50. Adjusted earnings, excluding non-recurring costs and discontinued operations, reached $1.45 per share, surpassing Wall Street expectations.
Analysts surveyed by Zacks Investment Research had forecast earnings of $1.20 per share. Celanese's revenue for the period was $2.37 billion, also exceeding Street forecasts of $2.3 billion.
Celanese shares have seen a modest gain of 1% since the start of the year. However, the stock price has declined by 54% over the past 12 months.