What's Going On With Celanese Stock Tuesday?

Celanese Corporation (NYSE:CE) shares are tumbling on Tuesday after the company reported worse-than-expected third-quarter financial results and announced it intends to temporarily reduce its quarterly dividend.

What Happened: Celanese reported third-quarter adjusted earnings per share of $2.44, missing analyst estimates of $2.85. The company reported sales of $2.65 billion, missing analyst estimates of $2.7 billion, according to Benzinga Pro.

Celanese reported adjusted EBIT of $457 million, operating EBITDA of $644 million and operating profit of $248 million.

The company stated in its earnings release that it has implemented multiple measures to address challenges in the demand environment. Notably, it plans to reduce its quarterly ...