Core Insights - Celanese reported revenue of $2.53 billion for the quarter ended June 2025, a decrease of 4.5% year-over-year, but exceeded the Zacks Consensus Estimate by 1.42% [1] - Earnings per share (EPS) was $1.44, down from $2.38 in the same quarter last year, and surpassed the consensus estimate of $1.38 by 4.35% [1] Financial Performance - Net Sales from the Acetyl Chain were $1.12 billion, exceeding the average estimate of $1.1 billion, but reflecting a year-over-year decline of 7.2% [4] - Net Sales from Inter segment eliminations were reported at -$25 million, worse than the estimated -$20.32 million, but showed a significant year-over-year increase of 38.9% [4] - Net Sales from Engineered Materials reached $1.44 billion, above the average estimate of $1.35 billion, with a slight year-over-year decline of 1.7% [4] - Operating EBITDA for the Acetyl Chain was $260 million, below the average estimate of $287.13 million [4] - Operating EBITDA for Other Activities was -$54 million, slightly better than the average estimate of -$56.51 million [4] - Operating EBITDA for Engineered Materials was $326 million, exceeding the average estimate of $278.5 million [4] Stock Performance - Celanese shares have declined by 21.3% over the past month, contrasting with a 2.7% increase in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Company Performance - Celanese reported quarterly earnings of $1.44 per share, exceeding the Zacks Consensus Estimate of $1.38 per share, but down from $2.38 per share a year ago, indicating an earnings surprise of +4.35% [1] - The company posted revenues of $2.53 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.42%, although this is a decrease from year-ago revenues of $2.65 billion [2] - Over the last four quarters, Celanese has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Stock Performance - Celanese shares have declined approximately 30.6% since the beginning of the year, contrasting with the S&P 500's gain of 8.6% [3] - The current Zacks Rank for Celanese is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Future Outlook - The consensus EPS estimate for the upcoming quarter is $1.77 on revenues of $2.54 billion, and for the current fiscal year, it is $5.13 on revenues of $9.85 billion [7] - The outlook for the Chemical - Specialty industry, where Celanese operates, is currently in the bottom 35% of over 250 Zacks industries, which may impact the stock's performance [8]

PART I - FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company's interim financials reflect decreased sales and operating profit, offset by a significant tax benefit that boosted net earnings, amid increased assets and debt Consolidated Statements of Operations Highlights (Q2 & H1 2025 vs 2024) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $2,532M | $2,651M | $4,921M | $5,262M | | **Gross profit** | $535M | $641M | $1,011M | $1,195M | | **Operating profit** | $233M | $250M | $401M | $460M | | **Net earnings attributable to Celanese** | $199M | $155M | $178M | $276M | | **Diluted EPS** | $1.81 | $1.41 | $1.62 | $2.52 | Consolidated Balance Sheet Highlights (as of June 30, 2025) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $1,173M | $962M | | **Total current assets** | $5,675M | $5,145M | | **Total assets** | $23,713M | $22,857M | | **Long-term debt, net** | $12,689M | $11,078M | | **Total equity** | $5,704M | $5,580M | Consolidated Statements of Cash Flows Highlights (Six Months Ended June 30) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash from operating activities** | $447M | $393M | | **Net cash used in investing activities** | ($186M) | ($242M) | | **Net cash used in financing activities** | ($71M) | ($748M) | | **Net increase (decrease) in cash** | $211M | ($620M) | [Notes to the Unaudited Interim Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Consolidated%20Financial%20Statements) The notes detail significant events including a planned divestiture, major debt refinancing, a dividend reduction, and a favorable tax settlement - On May 5, 2025, the Company announced its intent to **divest its Micromax® portfolio** of products as part of its strategy for cash generation and deleveraging[33](index=33&type=chunk) - In March 2025, the company completed a public offering of senior unsecured notes totaling approximately **$2.55 billion equivalent** to fund tender offers for existing notes and repay other debt[56](index=56&type=chunk)[57](index=57&type=chunk) - The company **reduced its quarterly dividend by approximately 95%** starting in Q1 2025, with a dividend of $0.03 per share declared on July 16, 2025[81](index=81&type=chunk) - The effective income tax rate was a **57% benefit for Q2 2025**, compared to a 16% expense in Q2 2024, due to deferred tax benefits and a German tax settlement[87](index=87&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses decreased sales and profits due to weak demand, with a strategic focus on deleveraging through cost controls and capital management Consolidated Financial Highlights (Q2 & H1 2025 vs 2024) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $2,532M | $2,651M | $4,921M | $5,262M | | **Operating profit** | $233M | $250M | $401M | $460M | | **Net earnings attributable to Celanese** | $199M | $155M | $178M | $276M | - The company is experiencing **demand challenges** in key end-markets like automotive, paints, coatings, and construction due to tepid global macroeconomic conditions[216](index=216&type=chunk) - **Deleveraging is a key priority**, leading the company to pause its share repurchase program and reduce its quarterly dividend by approximately 95%[173](index=173&type=chunk) [Business Segments Analysis](index=44&type=section&id=MD&A%20-%20Business%20Segments) Engineered Materials' profit rose on cost savings despite lower sales, while Acetyl Chain's profit fell sharply due to pricing and volume declines Engineered Materials Segment Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | **Net Sales** | $1,442M | $1,467M | (1.7)% | | **Operating Profit** | $165M | $138M | 19.6% | - Engineered Materials' operating profit increased due to a **favorable $27 million impact** from non-recurring prior-year restructuring costs and reduced spending[161](index=161&type=chunk) Acetyl Chain Segment Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | **Net Sales** | $1,115M | $1,202M | (7.2)% | | **Operating Profit** | $154M | $242M | (36.4)% | - Acetyl Chain's operating profit decreased due to lower net sales, driven by a **7% price decline and 2% volume decline**, and $16 million in higher plant turnaround costs[166](index=166&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk) [Liquidity and Capital Resources](index=48&type=section&id=MD&A%20-%20Liquidity%20and%20Capital%20Resources) The company maintains sufficient liquidity through cash and credit facilities, prioritizing deleveraging with reduced dividends and managed capital expenditures - Primary liquidity sources are cash from operations, **$1.2 billion in cash** and cash equivalents, and **$1.82 billion available** under revolving credit facilities as of June 30, 2025[172](index=172&type=chunk) - Capital expenditures for 2025 are expected to be approximately **$300 million to $350 million**, reflecting a focus on required maintenance and productivity improvements[175](index=175&type=chunk) Cash Flow Summary (Six Months Ended June 30) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash from operating activities** | $447M | $393M | | **Net cash used in investing activities** | ($186M) | ($242M) | | **Net cash used in financing activities** | ($71M) | ($748M) | [Quantitative and Qualitative Disclosures about Market Risk](index=56&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) There have been no material changes to the company's market risks since its 2024 Annual Report - Market risk for the Company has **not changed materially** from the foreign exchange, interest rate and commodity risks disclosed in the 2024 Form 10-K[220](index=220&type=chunk) [Controls and Procedures](index=56&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures are **effective as of June 30, 2025**[221](index=221&type=chunk) - **No changes in internal control** over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[222](index=222&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=57&type=section&id=Item%201.%20Legal%20Proceedings) There have been no significant developments in legal proceedings since the 2024 Form 10-K filing - The Company is involved in various legal proceedings incidental to its business, and there have been **no significant developments** beyond what was reported in the 2024 Form 10-K[225](index=225&type=chunk) [Risk Factors](index=57&type=section&id=Item%201A.%20Risk%20Factors) The company refers to its 2024 Annual Report for a discussion of risk factors, noting no material changes - Readers are referred to the **Risk Factors section in the company's 2024 Form 10-K** for a detailed description of potential risks[226](index=226&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=57&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any common stock during the quarter, with $1.1 billion remaining under its repurchase authorization - The company **did not repurchase any Common Stock** during the three months ended June 30, 2025[227](index=227&type=chunk) - As of June 30, 2025, approximately **$1.1 billion remained available** for share repurchases under the board-authorized program[227](index=227&type=chunk) [Other Information](index=57&type=section&id=Item%205.%20Other%20Information) The company filed to eliminate a class of preferred stock and reported no new officer trading plans - On May 15, 2025, the Company filed a **Certificate of Elimination** to remove provisions for a previously redeemed class of Preferred Stock[230](index=230&type=chunk) - **No director or Section 16 officer** adopted or terminated any Rule 10b5-1 trading plans during the quarter ended June 30, 2025[231](index=231&type=chunk) [Exhibits](index=58&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the report, including required certifications and corporate documents

[Introduction and Non-US GAAP Financial Measures](index=1&type=section&id=Introduction%20and%20Non-US%20GAAP%20Financial%20Measures) This section introduces the company's non-US GAAP financial measures, explaining their purpose for performance assessment and providing detailed definitions of key metrics [Purpose and Use of Non-US GAAP Measures](index=1&type=section&id=Purpose%20and%20Use%20of%20Non-US%20GAAP%20Measures) The company provides this supplemental document to help investors and analysts assess its financial performance using non-US GAAP measures, which management believes are important for period-to-period comparisons. These measures, which cover two business segments (Engineered Materials and the Acetyl Chain), should be considered supplemental to, and not a replacement for, US GAAP results - The purpose of this document is to provide supplemental financial information and reconciliations for non-US GAAP financial measures to investors and analysts[3](index=3&type=chunk) - The company's business is presented in two segments: Engineered Materials and the Acetyl Chain[4](index=4&type=chunk) - Management believes non-GAAP measures are important supplemental tools for assessing financial results, evaluating financial condition, and making period-to-period comparisons[6](index=6&type=chunk) [Definitions of Non-US GAAP Measures](index=2&type=section&id=Definitions%20of%20Non-US%20GAAP%20Measures) This section defines key non-GAAP metrics used by the company. Adjusted EBIT and Operating EBITDA are performance measures excluding certain non-operational items to assess core operating results. Adjusted EPS removes these items and tax effects to show underlying earnings power. Free Cash Flow measures liquidity and long-term cash generation, while Net Debt assesses capital structure. Return on Invested Capital (adjusted) evaluates the efficiency of capital deployment - Adjusted EBIT is defined as net earnings adjusted for discontinued operations, interest, taxes, and "Certain Items" to show primary operating results[13](index=13&type=chunk) - Operating EBITDA is defined as Adjusted EBIT plus depreciation and amortization, used for evaluating operating performance relative to peers[13](index=13&type=chunk) - Adjusted earnings per share is defined as earnings from continuing operations adjusted for "Certain Items" and related tax effects, using a normalized tax rate[13](index=13&type=chunk) - Free cash flow is defined as net cash from operations, less capital expenditures, and adjusted for NCI contributions/distributions to measure liquidity[18](index=18&type=chunk) - Net debt is defined as total debt less cash and cash equivalents, used to evaluate the company's capital structure[18](index=18&type=chunk) - Return on invested capital (adjusted) is defined as tax-effected Adjusted EBIT divided by average invested capital to assess income generation from capital[18](index=18&type=chunk) [Financial Performance and Reconciliations](index=5&type=section&id=Financial%20Performance%20and%20Reconciliations) This section provides detailed reconciliations of GAAP to non-GAAP financial measures, including Adjusted EBIT, Operating EBITDA, and Adjusted EPS, alongside analyses of segment performance, net sales, cash flow, capital structure, and return on invested capital [Reconciliation of Adjusted EBIT and Operating EBITDA (Table 1)](index=5&type=section&id=Table%201%20Reconciliation%20of%20Adjusted%20EBIT%20and%20Operating%20EBITDA) This table reconciles the company's GAAP Net Earnings to the non-GAAP measures of Adjusted EBIT and Operating EBITDA. For Q2 2025, Net Earnings of $199 million were adjusted to an Adjusted EBIT of $344 million and an Operating EBITDA of $532 million. The adjustments primarily include adding back interest, taxes, depreciation, and $42 million in "Certain Items" Reconciliation of Net Earnings to Adjusted EBIT & Operating EBITDA (In $ millions) | Metric | Q2 '25 | 2024 | | :--- | :--- | :--- | | Net earnings (loss) attributable to Celanese Corporation | 199 | (1,531) | | Adjustments (Interest, Tax, Certain Items, etc.) | 145 | 3,167 | | **Adjusted EBIT** | **344** | **1,636** | | Depreciation and amortization expense | 188 | 728 | | **Operating EBITDA** | **532** | **2,364** | [Segment Performance Analysis (Table 2)](index=6&type=section&id=Table%202%20Segment%20Performance%20Analysis) This section provides a detailed breakdown of financial performance for the Engineered Materials and Acetyl Chain segments. In Q2 2025, Engineered Materials generated an Adjusted EBIT of $214 million (14.8% margin), while the Acetyl Chain produced $196 million (17.6% margin), contributing to a total company Adjusted EBIT of $344 million Adjusted EBIT by Segment (In $ millions) | Segment | Q2 '25 | Q2 '25 Margin | 2024 | 2024 Margin | | :--- | :--- | :--- | :--- | :--- | | Engineered Materials | 214 | 14.8% | 847 | 15.1% | | Acetyl Chain | 196 | 17.6% | 1,102 | 23.1% | | Other Activities | (66) | N/A | (313) | N/A | | **Total** | **344** | **13.6%** | **1,636** | **15.9%** | Operating EBITDA by Segment (In $ millions) | Segment | Q2 '25 | Q2 '25 Margin | 2024 | 2024 Margin | | :--- | :--- | :--- | :--- | :--- | | Engineered Materials | 326 | 22.6% | 1,284 | 22.9% | | Acetyl Chain | 260 | 23.3% | 1,346 | 28.3% | | Other Activities | (54) | N/A | (266) | N/A | | **Total** | **532** | **21.0%** | **2,364** | **23.0%** | [Reconciliation of Adjusted Earnings Per Share (Table 3 & 3a)](index=8&type=section&id=Table%203%20%26%203a%20Reconciliation%20of%20Adjusted%20Earnings%20Per%20Share) This section reconciles GAAP earnings per share to the non-GAAP Adjusted EPS. For Q2 2025, GAAP EPS of $1.90 was adjusted to $1.44, primarily by removing the impact of "Certain Items" and applying a normalized adjusted tax rate of 9%. The adjusted tax rate itself is reconciled from the estimated US GAAP rate, accounting for various discrete and operational tax items Adjusted Earnings Per Share Reconciliation | Metric | Q2 '25 | 2024 | | :--- | :--- | :--- | | GAAP EPS from continuing operations | $1.90 | $(13.94) | | Adjustments (Certain Items, etc.) | $(0.46) | $22.21 | | **Adjusted EPS** | **$1.44** | **$8.27** | - The company uses a consistent adjusted effective tax rate of **9%** for both its 2025 quarterly and full-year 2024 adjusted earnings calculations[23](index=23&type=chunk)[24](index=24&type=chunk) [Net Sales Analysis (Table 4, 4a, 4b, 4c)](index=10&type=section&id=Table%204%2C%204a%2C%204b%2C%204c%20Net%20Sales%20Analysis) This section provides a comprehensive analysis of net sales, detailing segment contributions and examining sequential and year-over-year changes driven by volume, price, and currency impacts [Net Sales by Segment (Table 4)](index=10&type=section&id=Table%204%20Net%20Sales%20by%20Segment) In Q2 2025, the company reported total net sales of $2,532 million. The Engineered Materials segment contributed $1,442 million, and the Acetyl Chain segment contributed $1,115 million. For the full year 2024, total net sales were $10,268 million Net Sales by Segment (In $ millions) | Segment | Q2 '25 | 2024 | | :--- | :--- | :--- | | Engineered Materials | 1,442 | 5,595 | | Acetyl Chain | 1,115 | 4,763 | | **Total Net Sales** | **2,532** | **10,268** | [Sequential (QoQ) Net Sales Analysis (Table 4a)](index=11&type=section&id=Table%204a%20Sequential%20%28QoQ%29%20Net%20Sales%20Analysis) In Q2 2025 compared to Q1 2025, total company net sales increased by 6%. This was driven by a 12% increase in Engineered Materials sales (9% volume, 3% currency) and flat sales in the Acetyl Chain, where a volume and price decline was offset by a currency benefit Q2'25 vs Q1'25 Net Sales Change (%) | Segment | Volume | Price | Currency | Total | | :--- | :--- | :--- | :--- | :--- | | Engineered Materials | 9% | 0% | 3% | 12% | | Acetyl Chain | -1% | -2% | 3% | 0% | | **Total Company** | **4%** | **-1%** | **3%** | **6%** | [Year-over-Year (YoY) Net Sales Analysis (Table 4b & 4c)](index=12&type=section&id=Table%204b%20%26%204c%20Year-over-Year%20%28YoY%29%20Net%20Sales%20Analysis) Compared to Q2 2024, total company net sales in Q2 2025 decreased by 4%, driven by declines in both volume (-2%) and price (-4%). For the full year 2024 versus 2023, net sales decreased by 6%, primarily due to a 4% price decline and a 1% volume decline Q2'25 vs Q2'24 Net Sales Change (%) | Segment | Volume | Price | Currency | Total | | :--- | :--- | :--- | :--- | :--- | | Engineered Materials | -3% | -1% | 2% | -2% | | Acetyl Chain | -2% | -7% | 2% | -7% | | **Total Company** | **-2%** | **-4%** | **2%** | **-4%** | FY 2024 vs FY 2023 Net Sales Change (%) | Segment | Volume | Price | Currency | Total | | :--- | :--- | :--- | :--- | :--- | | Engineered Materials | -5% | -3% | -1% | -9% | | Acetyl Chain | 4% | -6% | 0% | -2% | | **Total Company** | **-1%** | **-4%** | **-1%** | **-6%** | [Cash Flow and Liquidity Analysis (Table 5 & 6)](index=14&type=section&id=Table%205%20%26%206%20Cash%20Flow%20and%20Liquidity%20Analysis) The company generated $311 million in free cash flow in Q2 2025, a significant improvement from negative $73 million in Q1 2025 and $173 million in Q2 2024. This was derived from $410 million in cash from operations less $93 million in capital expenditures. The company also received $62 million in cash dividends from its equity investments during the quarter Free Cash Flow (In $ millions) | Metric | Q2 '25 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | 410 | 966 | | Capital expenditures | (93) | (435) | | Contributions from/(Distributions) to NCI | (6) | (33) | | **Free cash flow** | **311** | **498** | - The company received **$62 million** in cash dividends from its equity investments in Q2 2025, contributing to a total of **$288 million** for the full year 2024[44](index=44&type=chunk) [Capital Structure and Debt (Table 7)](index=15&type=section&id=Table%207%20Capital%20Structure%20and%20Debt) As of the end of Q2 2025, the company's net debt stood at $11,768 million. This represents a slight decrease from $11,833 million at the end of Q1 2025. The total debt of $12,941 million was offset by $1,173 million in cash and cash equivalents Net Debt Calculation (In $ millions) | Metric | Q2 '25 | 2024 | | :--- | :--- | :--- | | Total debt | 12,941 | 12,579 | | Cash and cash equivalents | (1,173) | (962) | | **Net debt** | **11,768** | **11,617** | [Analysis of "Certain Items" (Table 8)](index=16&type=section&id=Table%208%20Analysis%20of%20%22Certain%20Items%22) This table details the specific charges excluded from non-GAAP measures. In Q2 2025, "Certain Items" totaled $42 million, primarily consisting of $27 million in exit and shutdown costs. For the full year 2024, these items amounted to $2,009 million, dominated by a $1,638 million asset impairment charge related to goodwill and trade names Certain Items Breakdown (In $ millions) | Item | Q2 '25 | 2024 | | :--- | :--- | :--- | | Exit and shutdown costs | 27 | 236 | | Asset impairments | — | 1,638 | | Mergers, acquisitions and dispositions | 12 | 80 | | Other | 3 | 55 | | **Total Certain Items** | **42** | **2,009** | - The significant **$1.6 billion** asset impairment in 2024 was primarily related to goodwill and the Zytel® trade name[47](index=47&type=chunk) [Return on Invested Capital (Adjusted) (Table 9)](index=17&type=section&id=Table%209%20Return%20on%20Invested%20Capital%20%28Adjusted%29) For the full year 2024, the company's Return on Invested Capital (Adjusted) was 7.7%. This non-GAAP measure is calculated using tax-effected Adjusted EBIT of $1,489 million and an average invested capital base of $19,241 million. This contrasts sharply with the GAAP-based return of -8.0%, which was impacted by significant impairment charges Return on Invested Capital (Adjusted) - 2024 | Metric | Amount (In $ millions) | | :--- | :--- | | Adjusted EBIT | 1,636 | | Adjusted EBIT tax effected | 1,489 | | Average Invested capital | 19,241 | | **Return on invested capital (adjusted)** | **7.7%** | - The GAAP-based return on invested capital for 2024 was **-8.0%**, highlighting the significant difference between GAAP and non-GAAP performance metrics for the year[49](index=49&type=chunk)

Earnings Report - Celanese Corporation is set to release its second-quarter earnings results on August 11, with analysts expecting earnings of $1.40 per share, a decrease from $2.38 per share in the same period last year [1] - Projected quarterly revenue for Celanese is $2.49 billion, down from $2.65 billion a year earlier [1] Dividend Information - Celanese currently offers an annual dividend yield of 0.25%, translating to a quarterly dividend of 3 cents per share, or 12 cents annually [2] - To achieve a monthly income of $500 from dividends, an investor would need to own approximately 50,000 shares, equating to a total investment of about $2,432,500 [3] - For a more conservative monthly income goal of $100, an investor would need 10,000 shares, requiring an investment of approximately $486,500 [3] Dividend Yield Dynamics - The dividend yield is calculated by dividing the annual dividend payment by the current stock price, which means it fluctuates with stock price changes [4] - An increase in stock price results in a lower dividend yield, while a decrease in stock price leads to a higher dividend yield [4] - Changes in the dividend payment itself can also affect the dividend yield; an increase in dividends raises the yield, while a decrease lowers it [5] Stock Performance - Celanese shares increased by 1.7%, closing at $48.65 on Thursday [5] Analyst Ratings - Mizuho analyst John Roberts maintained a Neutral rating on Celanese and raised the price target from $50 to $59 [6]

The consensus estimate for 'Net Sales- Engineered Materials' stands at $1.35 billion. The estimate indicates a year-over-year change of -7.8%. Based on the collective assessment of analysts, 'Operating EBITDA- Acetyl Chain' should arrive at $287.13 million. Compared to the current estimate, the company reported $338.00 million in the same quarter of the previous year. The consensus among analysts is that 'Operating EBITDA- Engineered Materials' will reach $278.50 million. Compared to the present estimate, t ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **Chinese chemicals industry** and its supply-side structural reforms, particularly in the context of the **petrochemical sector** [1][2]. Core Insights and Arguments - The **Chinese Politburo** meeting on July 30 indicated a shift towards **gradual adjustments** rather than aggressive mandates, suggesting a preference for market-driven solutions to overcapacity and industry 'involution' [1][2]. - The omission of the term "low prices" and the change in language regarding production capacity management indicates a more patient approach to resolving excess capacity issues, relying less on administrative measures [2]. - Key policy focus areas include **fertility subsidies**, **demographic challenges**, **local government debt**, and **international competitiveness**, with supply-side measures expected to be implemented in a measured manner [3]. - The **15th Five-Year Plan (15FYP)** is anticipated to provide clearer directions for these adjustments, with a focus on maintaining overall stability [3]. Company-Specific Insights - The report suggests that the Chinese government will continue to support **coal-based chemical production** and pursue **CTC projects** that are significantly lower in cost compared to naphtha crackers [4]. - For **US petrochemicals**, the likelihood of aggressive structural reforms appears reduced, with expected capacity closures primarily involving higher-cost units being replaced by larger, more efficient ones [4]. - The report identifies **ALB (Albemarle Corporation)** and **LAC (Lithium Americas Corp.)** as favorable investments under current policies, while **EMN (Eastman Chemical Company)** and **MEOH (Methanex Corp.)** would benefit from more aggressive policies [4]. Additional Important Information - The report highlights that the current policies may lead to a longer period of margin pressure in the petrochemical sector, indicating potential risks for investors [1][4]. - The absence of emphasis on profitability or returns on capital suggests that adjustments in the industry could take longer, particularly for older or quasi-utility industries [3]. - The report includes a distribution of ratings for various companies, indicating a majority of **Buy** ratings, with specific companies mentioned such as **CE (Celanese Corporation)** and **DOW (Dow Inc.)** rated as **Hold** [21]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the Chinese chemicals industry and specific companies within the sector.

Core Insights - Meliodays Medical and Celanese Corporation have partnered to develop MelioOne®, a hormone-free intrauterine device (IUD) aimed at providing localized relief for menstrual pain [1][2] - The collaboration marks a significant step towards improving menstrual pain management solutions, targeting pain at its source while minimizing systemic side effects [2] Company Overview Meliodays Medical - Meliodays Medical GmbH is focused on developing hormone-free therapies for menstrual pain, addressing a significant unmet medical need [3] - The company aims to enhance the quality of life for menstruating individuals by providing effective pain relief without affecting the menstrual cycle [3] Celanese Corporation - Celanese is a global leader in chemistry, producing specialty material solutions across various industries, with 2024 net sales reported at $10.3 billion [4] - The company emphasizes sustainability and responsible management of materials, aiming to create value for customers and stakeholders [4]

醋酸链涵盖醋酸、VAM、醋酐及多种酯类溶剂，是油漆、粘合剂、涂料、制药、包装等行业的基础原 料。塞拉尼斯2024年销售额大约103亿美元，全球范围具有25座大型工厂、6个研发中心、全球员工逾 1.2万人。塞拉尼斯的终端客户横跨汽车 (占比约28%)、工业/建筑 (约35%)、消费品 (约22%)、多元电子 (约15%) 等多个行业，需求变化可快速映射宏观动向。 尽管塞拉尼斯的短期基本面仍显得疲软，但富国银行的研究报告指出，成本控制改善以及宏观层面顺风 因素的组合可能成为股价的转折点。 智通财经APP获悉，尽管全球化工行业持续疲软，但是富国银行的股票分析师团队认为下半年将出现显 著的业绩与需求复苏迹象，预计这一轮全球化工需求寒潮有望于下半年画上句号，并将国际原油价格在 短期内大幅上涨及国际贸易紧张局势可能缓解视为该行业潜在的重大催化剂。 周日晚些时候，富国银行分析师迈克尔·西森(Michael Sison)领导的分析团队将塞拉尼斯公司(CE.US)的 股票评级从此前的"持股观望"上调至"增持"这一最看涨的评级，主要逻辑在于该行分析团队预计在成本 节约举措以及工厂维护事项减少的推动下，随着化工领域需求有望在下半年 ...

Summary of Celanese Conference Call Company Overview - **Company**: Celanese - **CEO**: Scott Richardson, appointed on January 1st, with over 20 years of experience at Celanese in various roles in Asia and the U.S. [1][2] Key Focus Areas 1. **Earnings Per Share (EPS) Growth**: - Targeting EPS of $1.3 to $1.5 for Q2, an increase of approximately $1 or $0.08 from Q1 [3] - Focus on driving incremental EPS every quarter, independent of broader macroeconomic conditions [3][4] 2. **Free Cash Flow Generation**: - Projecting free cash flow of $700 to $800 million for the year [4] - Emphasis on working capital reduction and significant cuts in capital expenditures [4][5] 3. **Deleveraging the Balance Sheet**: - Targeting $3.5 billion in maturities to be paid off by the end of 2027 using free cash flow and divestiture proceeds [5][6] - Recent refinancing transaction pushed out maturities, with a focus on reducing leverage [6][7] Business Trends and Market Insights - **Regional Performance**: - Improvement noted in the automotive sector, particularly in Europe, with an end to destocking observed since February [12][13] - Stability in the Western Hemisphere automotive market, but softness in demand from China [13][14] - **Visibility and Order Trends**: - Limited visibility on orders due to macroeconomic uncertainty, leading to cautious customer commitments [17][18] - **Cost Savings Initiatives**: - Increased cost savings target from $80 million to $120 million, with a focus on Engineered Materials [22] - Operational changes and asset optimization are key drivers of these savings [22][23] Tariff and Trade Impacts - Anticipated tariff impacts of approximately $15 million per quarter in Q3, primarily affecting products shipped from the U.S. to China [24] - Expectation that tariff impacts will decrease in the second half of the year due to logistical adjustments [25] Future Guidance and Strategic Goals - **EPS Exit Rate**: - Aiming for a $2 per share exit run rate for the year, with a bridge from Q2 EPS of $1.4 [27][29] - Focus on self-help actions and cost reductions to achieve this target [28][29] - **Investment and Capital Expenditure**: - CapEx reduced to maintenance levels of $300 million to $350 million, expected to remain stable for several years [49][50] - Emphasis on harvesting returns and improving free cash flow before considering growth capital investments [50][51] Industry Dynamics - **Automotive Sector**: - Normalization of volumes in the automotive sector, with stable sales in the U.S. but some volume weakness in China [52][55] - Focus on specialty applications in China, where technical requirements are increasing [58][60] - **Nylon and Acetyls**: - Addressing profitability issues in the nylon portfolio through plant closures and price increases [70][71] - New supply in acetyls from China is being managed by pushing capacity downstream [75] Divestiture Strategy - Targeting $1 billion in divestiture proceeds by 2027, with strong interest in the MicroMax transaction [5][41] - Exploring additional asset sales to accelerate deleveraging and unlock value [39][45] Conclusion - Celanese is focused on executing its strategic initiatives to drive EPS growth, generate free cash flow, and deleverage its balance sheet while navigating a challenging macroeconomic environment. The company is also adapting to industry dynamics, particularly in the automotive and chemical sectors, to position itself for future growth.