Valued at a market cap of $14.8 billion, Celanese Corporation (CE) is a global chemical and specialty materials company. It operates in the chemicals industry, producing high-performance engineered polymers and acetyl products for a wide range of applications, including automotive, medical, construction, and consumer electronics. The Irving, Texas-based company is set to release its fiscal Q3 earnings results after the market closes on Monday, Nov. 4.
For Q3 earnings results, analysts forecast the chemical company to post a profit of $2.84 per share, a rise of 13.6% from $2.50 per share in the same quarter last year. The company has surpassed Wall Street's bottom-line estimates in two of the past four quarters while missing on two other occasions. CE missed the consensus EPS estimate by 15% in the last reported quarter.
For fiscal 2024, analysts expect CE to report EPS of $10.24, an increase of 14.8% from $8.92 in fiscal 2023. Looking ahead to fiscal 2025, EPS is expected to grow 22.4% year-over-year to $12.53.
Over the past 52 weeks, CE has risen 10.9%, underperforming the broader S&P 500 Index's ($SPX) 33.6% rise and the Materials Select Sector SPDR Fund's (XLB) 22.8% return over the same period.
Shares of Celanese Corporation dipped 4.4% following its Q2 earnings release on Aug. 1 due to lower-than-expected adjusted EPS of $2.38 and revenue of $2.7 billion. The company lowered its 2024 earnings forecast due to weak demand in key sectors, production disruptions at its Clear Lake facility, and supplier issues, leading to feedstock curtailments. Additionally, its revised 2024 earnings guidance of $10.25 per share to $10.75 per share fell short of Wall Street estimates, causing investor concerns.
Analysts' consensus rating on CE stock is cautious, with a "Hold" rating overall. Out of 17 analysts covering the stock, opinions include three "Strong Buys," one "Moderate Buy," 12 "Holds," and one "Moderate Sell." This configuration is less bullish than three months ago, with five analysts suggesting a "Strong Buy." The average analyst price target for CE is $145.39, suggesting a modest potential upside of just 7.3% from current levels.
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