((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
November 5 – ** Specialty chemicals company Celanese CE.N falls 17% to $102.34 before market
** Company temporarily cuts quarterly dividend by ~95%, outlines plans for further cost reductions following falling profits
**The dividend cut will support deleveraging, and with its additional cost-cutting plans, the company will save more than $75 million by the end of 2025
** Third-quarter net profit fell approximately 87% to $120 million as the engineered materials (EM) segment was impacted by rapid slowdowns in business activity in the automotive and industrial segments
**CE expects free cash flow to improve next year with no visibility on benefits from cost reductions, increased cash tax, etc. – Citi
** Citi analysts say there are still questions regarding long-term earning power in the EM segment and balance sheet pressure
** CE has a dividend yield of 2.27% compared to its peer Dow DOW.N's yield of 5.84%, according to LSEG data
**The average rating of the 24 brokers covering CE is “hold”; Median PT $56
** The stock is down 20.5% year to date, while the S&P 500 .SPX is up nearly 20%.
