Celanese slumps on lower-than-expected quarterly profit forecast
Shares of chemical maker Celanese Corp CE.N fall 13.54% to $40.69 in after-market trading
Company forecast third-quarter profit below Wall Street estimates due to challenges in the environment across most key end-markets in the second half of the year.
CE expects Q3 earnings per share to be between $1.10 and$1.40, below analysts' average estimate of $1.73 per share - according to data compiled by LSEG
Company reports adj. EPS of $1.44 per share, vs analysts' average estimate of $1.40 per share, for the second quarter
"We are also pleased that the deliberate actions we took drove earnings results for us this quarter ... However, the demand environment does not seem to be improving" - CEO Scott Richardson
As of session's close, stock down 31.5% YTD
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