Celanese Posts Loss on Weak Demand

DALLAS -- Chemical maker Celanese (CE Quote) on Tuesday reported a fourth-quarter loss, driven by significantly lower sales volume on weak global demand and inventory destocking among its customers.

For the September-to-December period, the company posted a loss of $159 million, or $1.12 per share, from earnings of $214 million, or $1.27 per share, during the same period last year.

Results from the latest quarter include a $94 million charge primarily related to the closure of some operations in France and Mexico. The company also estimated a total non-cash inventory accounting impact of $101 million.

Excluding discontinued operations, the company reported a quarterly loss of 97 cents per share, compared with earnings of $1.23 per share in the prior-year period. ...