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Mar 31, 2021
Celanese Q1 2021 Earnings Report
Celanese reported first quarter earnings and raised full year financial outlook.
Key Takeaways
Celanese Corporation reported a strong first quarter with GAAP diluted earnings per share of $2.83 and adjusted earnings per share of $3.46. Net sales were $1.8 billion, driven by a 15% increase in pricing, which offset a 3% volume decline. The company's performance was impacted by Winter Storm Uri, but strong operational agility and global network flexibility enabled them to deliver solid operating profit and adjusted EBIT growth.
Net sales for the quarter were $1.8 billion with pricing increased by 15 percent.
Operating profit of $326 million and adjusted EBIT of $482 million, both increases over pre-COVID earnings in the first quarter of 2020.
Returned $328 million of cash to shareholders in the form of share repurchases and dividends.
Expect second quarter 2021 adjusted earnings of approximately $4.00 per share, and adjusted earnings of $12.50 to $13.50 per share in 2021.
Revenue by Segment
Forward Guidance
Celanese expects second quarter 2021 adjusted earnings of approximately $4.00 per share, which would be an all-time record. Driven by this elevated performance across the first half, the company now expects adjusted earnings of $12.50 to $13.50 per share in 2021, reflecting a moderation in Acetyl Chain industry utilization and pricing as the year progresses.
Positive Outlook
- Demand for Engineered Materials and Acetyl Chain products remains strong across most end markets.
- Well positioned to continue to deliver leading value.
- Expect second quarter 2021 adjusted earnings of approximately $4.00 per share, which would be an all-time record.
- Expect adjusted earnings of $12.50 to $13.50 per share in 2021.
- Unique value of our global positions and unparalleled optionality, particularly within our Acetyl Chain business.
Challenges Ahead
- Higher inventory costs from Winter Storm Uri
- Minimal turnaround needs due to previous acceleration of scheduled turnarounds.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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