BUZZ-Celanese falls on Q4 loss, dour Q1 outlook

Shares of chemical maker Celanese CE.N slide 17.7% to $57.66 premarket

Co reports quarterly loss of $1.9 billion, or $17.45 per share, due to persistent destocking trends in key markets

Reported profit of $701 million, or $6.43 per share, during the same period last year

CE adds it would stop production and shut down its Mylar Specialty Films manufacturing operations in Luxembourg

Brokerage Mizuho Securities cuts PT to $73 from $86; says CE's performance in the acetyl segment was weaker than its competitor LyondellBasell LYB.N

CE forecasts a hit of $100 million from a combination of headwinds in Q1; expects Q1 profit of 25 cents per share to 50 cents per share vs estimates of $1.55 per share

Stock fell over 55% in 2024