Celanese says it has lowered its full-year earnings expectations for the second time, citing “dramatically lower consumer and industrial demand, which has caused an acceleration of inventory destocking throughout the company’s end-consumer supply chains.” An unplanned outage and related force majeure at its AT Plastics facility also hurt earnings, Celanese says. The company would not provide an updated earnings outlook, but says its October earnings forecast “should no longer be relied upon.” The October forecast had reduced full year earnings to $3.40-$3.55/share, compared with a previous guidance of $3.60-$3.85/share. “Demand for many of the company’s products has declined significantly during the fourth quarter, particularly in Asia,” Celanese says. Other major chemical firms have also lowered their full-year earnings outlooks recently, including Cytec Industries and DuPont.
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