Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, today reported full year 2023 GAAP diluted earnings per share of $18.00 and adjusted earnings per share of $8.92. The Company generated net sales of $10.9 billion in 2023, an increase of 13 percent from the prior year, due to an increase in volume of 23 percent reflecting the Mobility & Materials (M&M) acquisition, partially offset by a decrease in price of 10 percent. Full year 2023 volume decreased by 2 percent, excluding M&M, due to challenging demand and competitive dynamics across most of the year. Celanese took actions to reduce costs and align production and inventory levels with demand to report 2023 consolidated operating profit of $1.7 billion, adjusted EBIT of $1.8 billion, and operating EBITDA of $2.4 billion, at margins of 15, 16, and 22 percent, respectively.
 

The difference between GAAP diluted earnings per share and adjusted earnings per share in 2023 was due to Certain Items totaling $114 million  and a recorded income tax benefit of $790 million, primarily due to restructuring related to acquired operations.

Celanese took actions in 2023 to maximize cash generation and execute its deleveraging plan. As a result, the Company:

• Reduced working capital balances by $579 million, driven by a $451 million reduction in inventory balances in 2023;
• Generated record operating cash flow of $1.9 billion and record free cash flow of $1.3 billion in 2023; and
• Reduced debt by $995 million and increased cash by $297 million, resulting in a $1.3 billion reduction in net debt across 2023.

Celanese also reported fourth quarter GAAP diluted earnings per share of $6.43 and adjusted earnings per share of $2.24. The Company generated fourth quarter operating cash flow of $830 million and free cash flow of $702 million, both quarterly records.

"In a challenging backdrop across the entirety of 2023, our team decisively executed on hundreds of actions to reduce our costs, secure alternative volumes, align our production and inventory levels with demand, and maximize our cash generation," said Lori Ryerkerk, chair and chief executive officer. "With a focus on what we can control, we delivered record cash generation, exceeded our full year net debt reduction objective, and enhanced the competitiveness of our businesses going into 2024."