On November 4, 2024, after market hours, Celanese reported its third quarter earnings, which included net sales which were “down slightly from the previous quarter[.]” Commenting on these results, the announcement quoted Celanese’s now-former CEO as saying that in “the third quarter, we faced a severely constrained demand environment that, in some cases like auto, degraded swiftly. I want to thank our teams for executing our value enhancing initiatives that are delivering improvements today while also laying the foundation for future growth[.] Still, these actions have been increasingly offset in the current environment and the earnings generated fell short of our expectations. In response we are taking additional measures to navigate current challenges while positioning Celanese for long-term success. We are confident these actions will accelerate our growth and enhance long-term value.”
On this news, Celanese’s stock fell $32.50 per share, or 26.3%, to close at $91.00 per share on November 5, 2024.
