NEW YORK CITY, NY / ACCESS Newswire / February 25, 2025 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Celanese Corporation ("Celanese" or "the Company") (NYSE:CE). Investors who purchased Celanese securities are encouraged to obtain additional information and assist the investigation by visiting the firm’s site: bgandg.com/CE.
Investigation Details
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.
What’s Next?
If you are aware of any facts relating to this investigation or purchased Celanese securities, you can assist this investigation by visiting the firm’s site: bgandg.com/CE. You can also contact Peretz Bronstein or his client relations manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660
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Contact
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Peretz Bronstein or Nathan Miller
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SOURCE: Bronstein, Gewirtz & Grossman, LLC
View the original press release on ACCESS Newswire
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