Coatings World staff11.09.20
Celanese Corporation reported third quarter GAAP diluted earnings per share of $1.76 and adjusted earnings per share of $1.95.
The company recorded net sales of $1.4 billion driven by 20 percent volume recovery over the prior quarter.
Third quarter operating profit was $184 million and adjusted EBIT was $290 million, sequential increases of $101 million and $91 million, respectively.
Engineered Materials leveraged its customer project model, and the Acetyl Chain exercised the flexibility of its global network to maximize sequential growth on demand recovery.
Celanese generated operating cash flow of $431 million and free cash flow of $351 million in the quarter.
Cash returned to shareholders in the third quarter totaled $184 million, consisting of $111 million in share repurchases and $73 million in dividends.
The recently closed Polyplastics transaction unlocked cash proceeds of approximately $1.6 billion and further improves the company's ability to opportunistically invest in organic growth, acquisitions, and share repurchases.
"Our financial results are again a reflection of the commitment of our employees to the success of Celanese in any environment. They have taken decisive actions throughout this year to respond to the difficult realities of COVID-19 and continue to navigate persistent challenges to better serve and support our customers each day," said Lori Ryerkerk, chairman and CEO. "With the recovery we have seen to date, I am pleased to share that all of our production facilities across the globe are again fully staffed and operating to meet demand. We continue to closely monitor business conditions and will remain nimble and purposeful in preparing ourselves for continued recovery and growth in the future. We are encouraged by robust demand recovery for our products across all regions in the third quarter."
