INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Celanese Corporation - CE

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On November 4, 2024, Celanese issued a press release reporting its financial results for the third quarter of 2024.  Celanese's reported earnings adjusted for one-time items in the third quarter were $2.44 per share, compared with a consensus estimate of $2.84 per share.  Celanese also reported revenue of $2.65 billion, representing a 2.6% year-over-year decline and falling short of consensus estimates of $2.69 billion.  In the press release, Celanese's Chief Executive Officer stated that "[i]n the third quarter, we faced a severely constrained demand environment that, in some cases like auto, degraded swiftly" and cautioned investors that "[w]e expect demand conditions to worsen in the fourth quarter, as automotive and industrial segments react to recent dynamics by seasonally destocking at heavier than normal levels." 

On this news, Celanese's stock price fell $32.50 per share, or 26.32%, to close at $91.00 per share on November 5, 2024. 

Then, on February 18, 2025, Celanese issued a press release reporting its financial results for the fourth quarter and full year 2024.  Among other items, Celanese "reported full year 2024 U.S. GAAP diluted loss per share of $13.86 and adjusted earnings per share of $8.37", as well as "net sales of $10.3 billion in 2024, a 6 percent decrease from the previous year consisting of a 4 percent decline in price and a 1 percent decline in volume, with a small currency impact."  Celanese attributed its results to "[p]ersistently weak global demand in critical end-markets like automotive, paints, coatings, construction and industrial[.]" 

On this news, Celanese's stock price fell $15.00 per share, or 21.46%, to close at $54.91 per share on February 19, 2025.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980

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SOURCE Pomerantz LLP