LONDON, UK / ACCESSWIRE / October 18, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Celanese Corp. (NYSE: CE), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=CE, following the Company's posting of its third quarter fiscal 2017 operating results on October 16, 2017. The global technology and specialty materials Company's adjusted EPS jumped 15.6% on a y-o-y basis, while it also surpassed top- and bottom-line expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Earnings Reviewed

For the three months ended September 30, 2017, Celanese's net sales expanded 18% to $1.57 billion compared to net sales of $1.32 billion in Q3 2016. The Company attributed the robust growth to a combination of commercial execution in the Acetyl Chain; extension of the pipeline model in Materials Solutions; and broad productivity gains. Celanese exceeded analysts' revenue expectations of $1.51 billion.

For Q3 2017, Celanese reported GAAP net income of $226 million, or $1.65 per diluted share, compared to earnings of $262 million, or $1.81 per diluted share, for Q3 2016. The Company posted adjusted earnings per share (EPS) of $1.93, an all-time record, versus adjusted EPS of $1.67 in the year-ago comparable period, and also topped Wall Street's estimates of $1.92.

Quarterly Highlights

Celanese completed de-bottlenecking projects over the past year, which resulted in increased output of 10% per unit for select POM, UHMW-PE, PPS, and PBT assets in the US, Germany, and China. In the reported quarter, the Company commercialized a record 585 projects. Celanese also raised the target for projects to be closed in 2017 to above 2,100; up 52% on a y-o-y basis.

In Q3 2017, Celanese advanced the previously announced 150kt expansion of vinyl acetate monomer (VAM) at the Clear Lake, Texas facility. The expansion, expected to be commissioned at the end of 2018, will increase the plant capacity to 450kt, making it the largest VAM plant in the western hemisphere.

Segment Overview

During Q3 2017, Celanese's Materials Solutions segment generated record net sales of $730 million, up 24% on a y-o-y basis, and driven by growth in Advanced Engineered Materials (AEM) that outpaced the decline in Consumer Specialties.

AEM delivered its highest ever Q3 GAAP operating profit of $97 million and highest ever segment income of $147 million. In the reported quarter, the segment set a new watermark of advancing 585 projects to commercialization by expanding the opportunity set and improving its win-rate.

During Q3 2017, Celanese's Acetyl Chain segment's GAAP operating profit totaled $148 million compared to $108 million in Q3 2016, while the segment's core income of $157 million was $48 million higher on a y-o-y basis.

Celanese noted that the Acetyl Chain segment's profitability grew despite operational and supply chain disruptions in the Gulf Coast caused by Hurricane Harvey. The chain responded by swiftly executing contingency plans to minimize impact and quickly restore operations. In the reported quarter, margin expansion in the chain was driven by the Acetyl Intermediates segment which recorded GAAP operating margin of 18.7%, and segment income margin of 19.6%, both all-time records.

Cash Flow

During Q3 2017, Celanese reported operating cash flow of $255 million and free cash flow of $181 million compared to an operating cash flow of $304 million and free cash flow of $237 million in Q3 2016. The Company's capital expenditure totaled $64 million for the reported quarter.

During Q3 2017, Celanese repurchased approximately 2 million shares for $200 million, while it also repurchased shares worth $500 million on a year to date basis. The Company returned $262 million of cash to shareholders, including $62 million in dividends, in the reported quarter.

Outlook

Celanese is forecasting to grow 2017 adjusted EPS toward the higher end of the 9% - 11% range on a y-o-y basis.

Stock Performance

On Tuesday, October 17, 2017, the stock closed the trading session at $104.27, slipping 2.64% from its previous closing price of $107.10. A total volume of 1.75 million shares have exchanged hands, which was higher than the 3-month average volume of 827.46 thousand shares. Celanese's stock price skyrocketed 4.49% in the last three months, 18.79% in the past six months, and 64.00% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have soared 32.42%. The stock is trading at a PE ratio of 17.47 and has a dividend yield of 1.76%. At Tuesday's closing price, the stock's net capitalization stands at $14.30 billion.

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