Analyst Note
| Seth Goldstein, CFA |Celanese reported strong third-quarter results as adjusted EBIT more than doubled from the prior-year quarter. The results were consistent with our outlook for 2021 that Celanese will benefit from strong demand and higher pricing, leading to peak earnings for the commodity chemical acetyl chain business. We have slightly increased our outlook for 2022 as we expect the favorable demand environment will continue into the first half of the year for the acetyl chain segment. Our long-term expectation that the segment's earnings will return to more normalized levels is unchanged.