Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, today reported third quarter 2023 GAAP diluted earnings per share of $8.70 and adjusted earnings per share of $2.50. 

The Company generated net sales of $2.7 billion in the quarter, a decrease of 3 percent from the prior quarter.

Reflecting a sequential decrease in pricing of 3 percent partially offset by a sequential increase in volume of 1 percent. 

Celanese reported third quarter consolidated operating profit of $842 million, adjusted EBIT of $451 million, and operating EBITDA of $624 million, at margins of 31, 17, and 23 percent, respectively. 

The Company has delivered sequential increases in these profitability metrics across each of the last three quarters.

The difference between GAAP diluted earnings per share and adjusted earnings per share in the third quarter was primarily due Certain Items totaling $438 million, including the gain from the formation of the Nutrinova joint venture (JV) and M&A-related costs, as well as a recorded income tax benefit of $236 million, primarily due to internal relocations of intellectual property to align with acquired operations.

Celanese took actions to reduce costs, align production and inventory levels with demand, and maximize cash generation in response to unfavorable demand and competitive dynamics. As a result, the Company:

• Reduced inventory balances by $177 million in the third quarter with inventory reductions across Engineered Materials and the Acetyl Chain of 7 percent and 6 percent, respectively;                                                       
• Generated third quarter operating cash flow of $403 million and free cash flow of $268 million; and
• Reduced net debt by $758 million in the third quarter, including a $697 million sequential decrease in debt and a $61 million sequential increase in cash.