Celanese (CE) Q4 FY2023 earnings: revenue $2.6 billion, up 9.4% on the year

Celanese Corp. (CE) reported revenue of $2.6 billion for Q4 FY2023, the quarter ended 31 December 2023, up 9.4% on the same quarter a year earlier. Net income was $698 million, down 9.0% on the year, and diluted earnings per share $6.37. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue$2.6 billionup 9.4%

Net income$698 milliondown 9.0%

Diluted EPS$6.37

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	2,569	2,723	n/a	n/a
Cost of revenue	1,956	2,050	n/a	n/a
Gross profit	613	673	n/a	n/a
Gross margin	23.9%	24.7%	n/a
Research and development	32.0	32.0	n/a	n/a
Selling, general and administrative	272	244	n/a	n/a
Operating income	259	842	n/a	n/a
Operating margin	10.1%	30.9%	n/a
Interest expense	178	178	n/a	n/a
Pre-tax income	132	714	n/a	n/a
Income tax	-575	-236	n/a	n/a
Effective tax rate	-435.6%	-33.1%	n/a
Net income	698	951	n/a	n/a
Net margin	27.2%	34.9%	n/a
Diluted EPS	$6.37	$8.69	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	830	403	n/a	n/a
Capital expenditure	128	131	n/a	n/a
Free cash flow	702	272	n/a	n/a
Free cash flow margin	27.3%	10.0%	n/a
Cash from investing	-168	375	n/a	n/a
Cash from financing	-240	-700	n/a	n/a
Depreciation and amortisation	189	173	n/a	n/a
Share-based compensation	4.0	4.0	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	77.0	76.0	n/a	n/a
Diluted shares, weighted	110m	109m	n/a	n/a
Shares outstanding at period end	109m	109m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	7,091	6,491	n/a	n/a
Non-controlling interest	461	458	n/a	n/a
Debt	13,758	13,431	n/a	n/a
Operating lease liabilities	325	334	n/a	n/a
Finance lease liabilities	124	n/a	n/a	n/a
Other liabilities	4,838	4,824	n/a	n/a
Total liabilities and equity	26,597	25,538	n/a	n/a
Fixed assets	5,584	5,467	n/a	n/a
Goodwill	6,977	6,991	n/a	n/a
Intangible assets	3,975	3,944	n/a	n/a
Cash and equivalents	1,805	1,357	n/a	n/a
Receivables	1,243	1,339	n/a	n/a
Inventory	2,357	2,337	n/a	n/a
Other assets	4,656	4,103	n/a	n/a
Total assets	26,597	25,538	n/a	n/a

Questions

What was Celanese's revenue in Q4 FY2023?

Celanese (CE) reported revenue of $2.6 billion for Q4 FY2023, the quarter ended 31 December 2023, up 9.4% on the same quarter a year earlier.

How much did Celanese earn in Q4 FY2023?

Net income for Q4 FY2023 was $698 million, down 9.0% on the year, and diluted earnings per share $6.37.

When did Celanese report Q4 FY2023 results?

Celanese filed its 10-K for the year that ended with the quarter on 23 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,723	2,569	2,611	2,651	2,648	2,370	2,389	2,532	2,419	2,204	2,337	2,752
Cost of revenue	2,050	1,956	2,057	2,010	2,026	1,831	1,913	1,997	1,898	1,784	1,869	2,134
Gross profit	673	613	554	641	619	539	474	535	521	420	468	618
Gross margin	25%	24%	21%	24%	23%	23%	20%	21%	22%	19%	20%	22%
R&D	32.0	32.0	34.0	33.0	32.0	31.0	31.0	31.0	31.0	32.0	28.0	29.0
SG&A	244	272	265	255	248	262	231	214	231	225	226	251
Operating income	842	259	210	250	245	-1,405	165	231	-1,275	n/a	214	276
Operating margin	31%	10%	8%	9%	9%	-59%	7%	9%	-53%	n/a	9%	10%
Interest expense	178	178	169	174	169	164	170	177	177	177	183	186
Pre-tax income	714	132	157	183	180	-1,519	-6.0	133	-1,360	n/a	82.0	142
Tax rate	-33%	-436%	21%	16%	34%	n/a	n/a	-58%	n/a	n/a	40%	8%
Net income	951	698	121	155	113	-1,914	-24.0	197	-1,357	14.0	44.0	125
Net margin	35%	27%	5%	6%	4%	-81%	-1%	8%	-56%	1%	2%	5%
Diluted EPS	$8.69	$6.37	$1.10	$1.41	$1.06	-$17.50	-$0.19	$1.81	-$12.39	$0.13	$0.40	$1.13
Operating cash flow	403	830	101	292	79.0	494	37.0	410	447	252	76.0	209
Capital expenditure	131	128	137	105	88.0	105	102	93.0	64.0	84.0	66.0	62.0
Free cash flow	272	702	-36.0	187	-9.0	389	-65.0	317	383	168	10.0	147
Buybacks	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	76.0	77.0	77.0	77.0	76.0	77.0	3.0	3.0	3.0	4.0	3.0	3.0
Shares outstanding	109m	109m	109m	109m	109m	109m	109m	110m	110m	110m	110m	110m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 23 February 2024, accession 0001306830-24-000029: the filing on EDGAR. All of Celanese Corp.'s filings: EDGAR company page.

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