Form 8-K Celanese Corp For: Oct 16

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Form 8-K Celanese Corp For: Oct 16

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October 19, 2015 5:16 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 19, 2015

CELANESE CORPORATION

(Exact name of registrant as specified in its charter)




Delaware	001-32410	98-0420726

(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

222 West Las Colinas Blvd. Suite 900N, Irving, TX 75039

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (972) 443-4000

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On October 19, 2015, Celanese Corporation (the "Company") issued a press release reporting the financial results for its third quarter 2015. A copy of the press release is attached to this Current Report on Form 8-K ("Current Report") as Exhibit 99.1 and is incorporated herein solely for purposes of this Item 2.02 disclosure. Each non-US GAAP financial measure used in the press release is reconciled to the most comparable US GAAP financial measure in Exhibit 99.2, which includes other supplemental information of interest to investors, analysts and other parties and which is incorporated herein solely for purposes of this Item 2.02 disclosure.

Item 7.01 Regulation FD Disclosure

On October 20, 2015, Mark C. Rohr, Chairman and Chief Executive Officer of the Company, and Christopher W. Jensen, Senior Vice President, Finance and Chief Financial Officer of the Company, will make a presentation to investors and analysts via a webcast hosted by the Company at 10:00 a.m. ET (9:00 a.m. CT). The webcast, prepared remarks from Mark Rohr and Chris Jensen and a slide presentation may be accessed on our website at www.celanese.com under Investor Events & Presentations. A copy of the slide presentation and a copy of the prepared remarks posted for the webcast are attached to this Current Report as Exhibit 99.3 and Exhibit 99.4, respectively, and are incorporated herein solely for purposes of this Item 7.01 disclosure.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits



Exhibit Number
Exhibit Number		Description

99.1		Press Release dated October 19, 2015*

99.2		Non-US GAAP Financial Measures and Supplemental Information dated October 19, 2015*

99.3		Slide Presentation dated October 19, 2015*

99.4		Prepared Remarks from M. Rohr and C. Jensen dated October 19, 2015*

*In connection with the disclosure set forth in Item 2.02 and Item 7.01, the information in this Current Report, including the exhibits attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section. The information in this Current Report, including the exhibits, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing. This Current Report will not be deemed an admission as to the materiality of any information in this Current Report that is required to be disclosed solely by Regulation FD.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




	CELANESE CORPORATION
	By:	/s/ JAMES R. PEACOCK III
	Name:	James R. Peacock III
	Title:	Vice President, Deputy General Counsel and Corporate Secretary

	Date:	October 19, 2015

INDEX TO EXHIBITS



Exhibit Number
Exhibit Number		Description

99.1		Press Release dated October 19, 2015*

99.2		Non-US GAAP Financial Measures and Supplemental Information dated October 19, 2015*

99.3		Slide Presentation dated October 19, 2015*

99.4		Prepared Remarks from M. Rohr and C. Jensen dated October 19, 2015*

* In connection with the disclosure set forth in Item 2.02 and Item 7.01, the information in this Current Report, including the exhibits attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section. The information in this Current Report, including the exhibits, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing. This Current Report will not be deemed an admission as to the materiality of any information in this Current Report that is required to be disclosed solely by Regulation FD.

Exhibit 99.1



	Celanese Corporation
	222 West Las Colinas Blvd.
	Suite 900N
	Irving, Texas 75039

Celanese Corporation Reports Third Quarter Adjusted Earnings Per Share of $1.50;

Begins Methanol Production at Clear Lake Facility;

Raises Adjusted Earnings Outlook Range to $5.90 to $6.10 Per Share

Dallas, October 19, 2015: Celanese Corporation (NYSE: CE), a global technology and specialty materials company, today reported third quarter 2015 adjusted earnings per share of $1.50. The company's strong earnings result reflected continued focus on opportunities to serve key markets while also driving efficiency throughout our complementary cores. During the quarter, the company also made progress on a number of strategic initiatives while also setting several performance records. Highlights for the quarter follow.

Quarter highlights:


•	The company completed construction and began methanol production at its 1.3 million ton production unit in Clear Lake, Texas, a joint venture between Celanese and Mitsui & Co., Ltd., of Tokyo, Japan, in October 2015


•	Adjusted EBIT margin was a third quarter record at 21.6 percent, 150 basis points higher than the prior year quarter and 40 basis points below the prior quarter


•	Materials Solutions delivered record performance with adjusted EBIT of $211 million and core income margin of 36.8 percent


•	The company deployed $420 million to repurchase 6.6 million shares of common stock and reduced its outstanding share count by 4.3 percent


•	The company also announced its plans to repurchase $1 billion of its shares over the next two years, based on confidence in its ability to generate strong free cash flow



	Three Months Ended
	September 30, 2015		June 30, 2015		September 30, 2014
	(unaudited)
	(In $ millions)
Net Sales
Advanced Engineered Materials	326		346		366
Consumer Specialties	247		249		291
Total Materials Solutions	573		595		657
Industrial Specialties	274		287		314
Acetyl Intermediates	680		707		937
Eliminations	(82	)	(83	)	(109	)
Total Acetyl Chain	872		911		1,142
Other Activities	—		—		—
Intersegment eliminations	(32	)	(29	)	(30	)
Total	1,413		1,477		1,769



	Three Months Ended
	September 30, 2015			June 30, 2015			September 30, 2014
	(unaudited)
	(In $ millions, except per share data)
Operating Profit (Loss) Attributable to Celanese Corporation⁽¹⁾
Advanced Engineered Materials	58			67			51
Consumer Specialties	77			77			105
Total Materials Solutions	135			144			156
Industrial Specialties	19			28			16
Acetyl Intermediates	64			58			175
Total Acetyl Chain	83			86			191
Other Activities	(22		)	(38		)	(36		)
Total	196			192			311
Net earnings (loss)	151			201			252
Adjusted EBIT / Total segment income⁽¹⁾	305			325			355
Operating EBITDA⁽¹⁾	375			391			428
Diluted EPS - continuing operations	$	1.07		$	1.34		$	1.66
Diluted EPS - total	$	1.07		$	1.33		$	1.63
Adjusted EPS⁽¹⁾	$	1.50		$	1.58		$	1.61

______________________________


⁽¹⁾	See "Non-US GAAP Financial Measures" below.

"I am incredibly proud of the team at Clear Lake for their commitment and tireless efforts to complete construction and begin production at the methanol unit. This strategic investment provides us with certain supply of a critical raw material, allowing us to capture the economic benefit of abundant low cost U.S. natural gas," said Mark Rohr, chairman and chief executive officer. "By leveraging existing infrastructure and executing an aggressive project plan, we completed the methanol unit and reached full operating rates in only 21 months at a capital cost of under $700 per ton, an impressive accomplishment and testament to our ability to execute on our strategic goals."

"I am also pleased to report third quarter adjusted earnings of $1.50 per share. Segment income margin was a third quarter record at 21.6 percent, a 150 basis point increase over the prior year on record margin in Materials Solutions and productivity actions across the company. This more than offset lower margin in the Acetyl Chain due to higher methanol costs prior to start up of the Clear Lake methanol unit. Free cash flow was $101 million for the quarter, and we returned a record $467 million of cash to our shareholders through $420 million in share repurchases and $47 million in dividends," said Rohr.

Third Quarter Business Segment Overview

Materials Solutions

Core income in Materials Solutions was $211 million on net sales of $573 million. Core income margin was 36.8 percent, up 590 basis points year-over-year and 200 basis points sequentially.

Advanced Engineered Materials

Advanced Engineered Materials generated record segment income of $106 million on net sales of $326 million. Segment income margin was 32.5 percent, 870 basis points higher than the prior year and 300 basis points higher than the previous quarter. Earnings in the base engineered materials business, excluding affiliates, were a third quarter record at $63 million, 43 percent higher than the prior year and 11 percent lower than the prior quarter on normal seasonality. Volume declined 5 percent versus the prior quarter as the businesses maintained pricing discipline and commercial selectivity, prioritizing and commercializing its most profitable projects. Pricing was down 1 percent sequentially. Success in this business continues to be driven by our ability to work closely with customers and develop innovative solutions that leverage our broad and differentiated polymer portfolio. During the quarter, the business completed and launched over 200 projects, including both new products and new applications. Affiliate earnings were $43 million, consistent with the prior year and 39 percent higher sequentially.

Consumer Specialties

Third quarter segment income in Consumer Specialties was $105 million, consistent with the prior quarter, on net sales of $247 million. Segment income margin was a record at 42.5 percent, 30 basis points higher than the prior quarter primarily due to continued productivity initiatives, primarily energy. Third quarter volume and pricing were consistent with second quarter levels. Dividends from the cellulose derivatives ventures were $25 million.

Acetyl Chain

Core income in the Acetyl Chain was $112 million on net sales of $872 million. Core income margin was 12.8 percent, down 220 basis points from the prior quarter primarily due to higher U.S. methanol costs. The higher methanol costs were driven by the expiration of an advantaged long-term supply contract at the end of the second quarter. Sequentially, volume declined by 2

percent and price decreased 2 percent primarily due to normal seasonality in emulsion polymers and continued muted demand in China.

Cash Flow

The company generated operating cash flow of $173 million and free cash flow of $101 million in the third quarter. Operating cash flow was lower sequentially, due to the timing of cash tax payments and receipt of affiliate dividends versus the prior quarter. Net capital expenditures were $72 million in the quarter.

The company repurchased 6.6 million shares during the quarter, deploying $420 million in cash. The company also announced a new $1 billion repurchase authorization that it intends to execute over the next two years.

Outlook

"We are confident in the ability of our complementary businesses to drive unique value despite dramatic year-over-year currency headwinds, stress in global macroeconomic environments, and the recent slowdown in China. Our focus on those things we control and our unrelenting drive to create customer value allow us to match market needs on moderate macroeconomic trends. For the year we are increasing our 2015 adjusted earnings outlook range to $5.90 to $6.10 per share," said Rohr.

The company's earnings presentation and prepared remarks related to the third quarter results will be posted on its website at www.celanese.com under Investor Relations/Events and Presentations after market close on October 19, 2015. Information previously included in supplemental tables to our press release is now included in a separate Non-US GAAP Financial Measures and Supplemental Information document posted on our website. See "Reconciliation of Non-US GAAP Financial Measures" below.



Contacts:
Investor Relations	Media - U.S.	Media - Europe
Jon Puckett	Travis Jacobsen	Jens Kurth
Phone: +1 972 443 4965	Phone: +1 972 443 3750	Phone: +49(0)69 45009 1574
[email protected]	[email protected]	[email protected]

Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. With sales almost equally divided between North America, Europe and Asia, the company uses the full breadth of its global chemistry, technology and business expertise to create value for customers and the corporation. Celanese partners with customers to solve their most critical needs while making a positive impact on its communities and the world. Based in Dallas, Texas, Celanese employs approximately 7,400 employees worldwide and had 2014 net sales of $6.8 billion. For more information about Celanese Corporation and its product offerings, visit www.celanese.com or our blog at www.celaneseblog.com.

Forward-Looking Statements

This release may contain "forward-looking statements," which include information concerning the company's plans, objectives, goals, strategies, future revenues or performance, capital expenditures, financing needs and other information that is not historical information. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the company will realize these expectations or that these beliefs will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the results expressed or implied in the forward-looking statements contained in this release. These risks and uncertainties include, among other things: changes in general economic, business, political and regulatory conditions in the countries or regions in which we operate; the length and depth of product and industry business cycles, particularly in the automotive, electrical, textiles, electronics and construction industries; changes in the price and availability of raw materials, particularly changes in the demand for, supply of, and market prices of ethylene, methanol, natural gas, wood pulp and fuel oil and the prices for electricity and other energy sources; the ability to pass increases in raw material prices on to customers or otherwise improve margins through price increases; the ability to maintain plant utilization

rates and to implement planned capacity additions and expansions; the ability to reduce or maintain their current levels of production costs and to improve productivity by implementing technological improvements to existing plants; increased price competition and the introduction of competing products by other companies; market acceptance of our technology; the ability to obtain governmental approvals and to construct facilities on terms and schedules acceptable to the company; changes in the degree of intellectual property and other legal protection afforded to our products or technologies, or the theft of such intellectual property; compliance and other costs and potential disruption or interruption of production or operations due to accidents, interruptions in sources of raw materials, cyber security incidents, terrorism or political unrest or other unforeseen events or delays in construction or operation of facilities, including as a result of geopolitical conditions, the occurrence of acts of war or terrorist incidents or as a result of weather or natural disasters; potential liability for remedial actions and increased costs under existing or future environmental regulations, including those relating to climate change; potential liability resulting from pending or future litigation, or from changes in the laws, regulations or policies of governments or other governmental activities in the countries in which we operate; changes in currency exchange rates and interest rates; our level of indebtedness, which could diminish our ability to raise additional capital to fund operations or limit our ability to react to changes in the economy or the chemicals industry; and various other factors discussed from time to time in the company's filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and the company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.

Presentation

This release presents the company's business segments in two subtotals, reflecting our two cores, the Acetyl Chain and Materials Solutions, based on similarities among customers, business models and technical processes. The Acetyl Chain includes the company's Acetyl Intermediates segment and the Industrial Specialties segment. Materials Solutions includes the company's Advanced Engineered Materials segment and the Consumer Specialties segment. For comparative purposes, the historical financial information included herein has been presented to reflect the Acetyl Chain and Materials Solutions subtotals. There has been no change to the composition of the company's business segments.

Non-GAAP Financial Measures

Use of Non-US GAAP Financial Information

This release uses the following non-US GAAP measures: adjusted EBIT, operating EBITDA, operating profit (loss) attributable to Celanese Corporation, adjusted earnings per share, free cash flow and net debt. These measures are not recognized in accordance with US GAAP and should not be viewed as an alternative to US GAAP measures of performance. The most directly comparable financial measure presented in accordance with US GAAP in our consolidated financial statements for adjusted EBIT and operating EBITDA is net earnings (loss) attributable to Celanese Corporation; for operating profit (loss) attributable to Celanese Corporation is operating profit (loss); for adjusted earnings per share is earnings (loss) from continuing operations attributable to Celanese Corporation per common share-diluted; for free cash flow is cash flow from operations; and for net debt is total debt.

Definitions of Non-US GAAP Financial Measures

•

Operating EBITDA is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, refinancing expense, taxes and depreciation and amortization, and further adjusted for certain items attributable to Celanese Corporation. Operating EBITDA is equal to adjusted EBIT plus depreciation and amortization.


•	Operating profit (loss) attributable to Celanese Corporation is defined by the Company as operating profit (loss), less earnings (loss) attributable to noncontrolling interests ("NCI").


•	Adjusted earnings per share is defined by the Company as earnings (loss) from continuing operations attributable to Celanese Corporation, adjusted for income tax (provision) benefit, certain items, refinancing and related expenses, divided by the number of basic common shares and dilutive restricted stock units and stock options calculated using the treasury method.

Note: The income tax rate used for adjusted earnings per share approximates the midpoint in a range of forecasted tax rates for the year. This range may include certain partial or full-year forecasted tax opportunities, where applicable, and specifically excludes changes in uncertain tax positions, discrete items and other material items adjusted out of our GAAP earnings for adjusted earnings per share purposes, and changes in management's assessments regarding the ability to realize deferred tax assets. We also reflect the impact of foreign tax credits when utilized for the adjusted earnings per share tax rate. We analyze this rate quarterly and adjust if there is a material change in the range of forecasted tax rates; an updated forecast would not necessarily result in a change to our tax rate used for adjusted earnings per share. The adjusted tax rate is an estimate and may differ from the actual tax rate used for GAAP reporting in any given reporting period. It is not practical to reconcile our prospective adjusted tax rate to the actual GAAP tax rate in any given future period.


•	Free cash flow is defined by the Company as cash flow from operations, less capital expenditures on property, plant and equipment, and adjusted for capital contributions from Mitsui & Co., Ltd. to Fairway Methanol LLC.


•	Net debt is defined by the Company as total debt less cash and cash equivalents.

Reconciliation of Non-US GAAP Financial Measures

Reconciliations of the non-US GAAP financial measures used in this press release to the comparable US GAAP financial measure, together with information about the purposes and uses of non-US GAAP financial measures, are included in our Non-US GAAP Financial Measures and Supplemental Information document filed as an exhibit to our Current Report on Form 8-K filed with the SEC on or about October 19, 2015 and also available on our website at www.celanese.com under Financial Information, Non-GAAP Financial Measures, or at this link: http://investors.celanese.com/interactive/lookandfeel/4103411/Non-GAAP.PDF

Results Unaudited

The results in this document, together with the adjustments made to present the results on a comparable basis, have not been audited and are based on internal financial data furnished to management. Quarterly results should not be taken as an indication of the results of operations to be reported for any subsequent period or for the full fiscal year.

Supplemental Information

Additional information about our prior period performance is included in our Quarterly Reports on Form 10-Q and in our Non-US GAAP Financial Measures and Supplemental Information document.

Consolidated Statements of Operations - Unaudited



	Three Months Ended
	September 30, 2015		June 30, 2015		September 30, 2014
	(In $ millions, except share and per share data)
Net sales	1,413		1,477		1,769
Cost of sales	(1,110	)	(1,102	)	(1,333	)
Gross profit	303		375		436
Selling, general and administrative expenses	(93	)	(106	)	(118	)
Amortization of intangible assets	(3	)	(3	)	(5	)
Research and development expenses	(19	)	(59	)	(22	)
Other (charges) gains, net	(4	)	(10	)	20
Foreign exchange gain (loss), net	3		(3	)	1
Gain (loss) on disposition of businesses and asset, net	(1	)	(6	)	(2	)
Operating profit (loss)	186		188		310
Equity in net earnings (loss) of affiliates	50		40		52
Interest expense	(29	)	(30	)	(41	)
Refinancing expense	—		—		(4	)
Interest income	—		1		3
Dividend income - cost investments	26		26		29
Other income (expense), net	(8	)	2		(2	)
Earnings (loss) from continuing operations before tax	225		227		347
Income tax (provision) benefit	(74	)	(24	)	(90	)
Earnings (loss) from continuing operations	151		203		257
Earnings (loss) from operation of discontinued operations	—		(3	)	(7	)
Income tax (provision) benefit from discontinued operations	—		1		2
Earnings (loss) from discontinued operations	—		(2	)	(5	)
Net earnings (loss)	151		201		252
Net (earnings) loss attributable to noncontrolling interests	10		4		1
Net earnings (loss) attributable to Celanese Corporation	161		205		253
Amounts attributable to Celanese Corporation
Earnings (loss) from continuing operations	161		207		258
Earnings (loss) from discontinued operations	—		(2	)	(5	)
Net earnings (loss)	161		205		253
Earnings (loss) per common share - basic
Continuing operations	1.07		1.35		1.67
Discontinued operations	—		(0.01	)	(0.03	)
Net earnings (loss) - basic	1.07		1.34		1.64
Earnings (loss) per common share - diluted
Continuing operations	1.07		1.34		1.66
Discontinued operations	—		(0.01	)	(0.03	)
Net earnings (loss) - diluted	1.07		1.33		1.63
Weighted average shares (in millions)
Basic	149.8		153.5		154.5
Diluted	151.0		154.0		155.2

Consolidated Balance Sheets - Unaudited



	As of September 30, 2015		As of December 31, 2014
	(In $ millions)
ASSETS
Current Assets
Cash and cash equivalents	952		780
Trade receivables - third party and affiliates, net	793		801
Non-trade receivables, net	231		241
Inventories	738		782
Deferred income taxes	15		29
Marketable securities, at fair value	30		32
Other assets	37		33
Total current assets	2,796		2,698
Investments in affiliates	868		876
Property, plant and equipment, net	3,778		3,733
Deferred income taxes	278		253
Other assets	350		377
Goodwill	716		749
Intangible assets, net	122		132
Total assets	8,908		8,818
LIABILITIES AND EQUITY
Current Liabilities
Short-term borrowings and current installments of long-term debt - third party and affiliates	463		137
Trade payables - third party and affiliates	608		757
Other liabilities	331		432
Deferred income taxes	7		7
Income taxes payable	107		5
Total current liabilities	1,516		1,338
Long-term debt	2,541		2,608
Deferred income taxes	122		141
Uncertain tax positions	165		159
Benefit obligations	1,103		1,211
Other liabilities	264		283
Commitments and Contingencies
Stockholders' Equity
Preferred stock	—		—
Common stock	—		—
Treasury stock, at cost	(1,031	)	(611	)
Additional paid-in capital	127		103
Retained earnings	3,962		3,491
Accumulated other comprehensive income (loss), net	(292	)	(165	)
Total Celanese Corporation stockholders' equity	2,766		2,818
Noncontrolling interests	431		260
Total equity	3,197		3,078
Total liabilities and equity	8,908		8,818

Exhibit 99.2

Non-US GAAP Financial Measures and Supplemental Information

October 19, 2015

In this document, the terms the "Company," "we" and "our" refer to Celanese Corporation and its subsidiaries on a consolidated basis.

Purpose

The purpose of this document is to provide information of interest to investors, analysts and other parties including supplemental financial information and reconciliations and other information concerning our use of non-US GAAP financial measures. This document is updated quarterly.

Presentation

This document presents the Company's business segments in two subtotals, reflecting our two cores, the Acetyl Chain and Materials Solutions, based on similarities among customers, business models and technical processes. The Acetyl Chain includes the Company's Acetyl Intermediates segment and the Industrial Specialties segment. Materials Solutions includes the Company's Advanced Engineered Materials segment and the Consumer Specialties segment. For comparative purposes, the historical financial information included herein has been presented to reflect the Acetyl Chain and Materials Solutions subtotals. There has been no change to the composition of the Company's business segments.

Use of Non-US GAAP Financial Measures

From time to time, management may publicly disclose certain numerical "non-GAAP financial measures" in the course of our earnings releases, financial presentations, earnings conference calls, investor and analyst meetings and otherwise. For these purposes, the Securities and Exchange Commission ("SEC") defines a "non-GAAP financial measure" as a numerical measure of historical or future financial performance, financial position, or cash flows that excludes amounts, or is subject to adjustments that effectively exclude amounts, included in the most directly comparable measure calculated and presented in accordance with US GAAP, and vice versa for measures that include amounts, or are subject to adjustments that effectively include amounts, that are excluded from the most directly comparable US GAAP measure so calculated and presented. For these purposes, "GAAP" refers to generally accepted accounting principles in the United States.

Non-GAAP financial measures disclosed by management are provided as additional information to investors, analysts and other parties as the Company believes them to be important supplemental measures for assessing our financial and operating results and as a means to evaluate period-to-period comparisons. These non-GAAP financial measures should be viewed as supplemental to, and should not be considered in isolation or as alternatives to, net earnings (loss), operating profit (loss), cash flow from operating activities, earnings per share or any other US GAAP financial measure. The method of calculation of the non-GAAP financial measures used herein may be different from other companies' methods for calculating measures with the same or similar titles. Investors, analysts and other parties should understand how another company calculates such non-GAAP financial measures before comparing the other company's non-GAAP financial measures to any of our own. These non-GAAP financial measures may not be indicative of the historical operating results of the Company nor are they intended to be predictive or projections of future results.

Pursuant to the requirements of SEC Regulation G, whenever we refer to a non-GAAP financial measure, we will also present on the Investor Relations/Financial Information/Non-GAAP Financial Measures page of our website, www.celanese.com, in this document, in the presentation itself or on a Form 8-K in connection with the presentation, to the extent practicable, the most directly comparable financial measure calculated and presented in accordance with GAAP, along with a reconciliation of the differences between the non-GAAP financial measure we reference and such comparable GAAP financial measure. This supplemental financial disclosure should be considered within the context of our complete audited and unaudited financial results for the given period, which are available on the Investor Relations/Financial Information/SEC Filings page of our website, www.celanese.com.

This document includes definitions and reconciliations of non-GAAP financial measures used from time to time by the Company.

Specific Measures Used

This document provides information about the following non-GAAP measures: adjusted EBIT, operating EBITDA, operating profit (loss) attributable to Celanese Corporation, adjusted earnings per share, net debt, free cash flow and return on invested capital. The most directly comparable financial measure presented in accordance with US GAAP in our consolidated financial statements for adjusted EBIT and operating EBITDA is net earnings

(loss) attributable to Celanese Corporation; for operating profit (loss) attributable to Celanese Corporation is operating profit (loss); for adjusted earnings per share is earnings (loss) from continuing operations attributable to Celanese Corporation per common share-diluted; for net debt is total debt; and for free cash flow is cash flow from operations. We do not believe that there is a directly comparable financial measure calculated and presented in accordance with GAAP for return on invested capital.

Definitions

•

Adjusted EBIT is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, refinancing expense and taxes, and further adjusted for certain items attributable to Celanese Corporation. We believe that adjusted EBIT provides transparent and useful information to management, investors, analysts and other parties in evaluating and assessing our primary operating results from period-to-period after removing the impact of unusual, non-operational or restructuring-related activities that affect comparability. Our management recognizes that adjusted EBIT has inherent limitations because of the excluded items. Adjusted EBIT is one of the measures management uses for planning and budgeting, monitoring and evaluating financial and operating results and as a performance metric in the Company's incentive compensation plan. We may provide guidance on adjusted EBIT but are unable to reconcile forecasted adjusted EBIT to a US GAAP financial measure without unreasonable effort because a forecast of certain items is not practical. Adjusted EBIT by business segment may also be referred to by management as segment income. Adjusted EBIT by core may also be referred to by management as core income.

•


•	Operating profit (loss) attributable to Celanese Corporation is defined by the Company as operating profit (loss), less earnings (loss) attributable to noncontrolling interests ("NCI").

•

Adjusted earnings per share is defined by the Company as earnings (loss) from continuing operations attributable to Celanese Corporation, adjusted for income tax (provision) benefit, certain items, refinancing and related expenses, divided by the number of basic common shares and dilutive restricted stock units and stock options calculated using the treasury method. We believe that adjusted earnings per share provides transparent and useful information to management, investors, analysts and other parties in evaluating and assessing our primary operating results from period-to-period after removing the impact of unusual, non-operational or restructuring-related activities that affect comparability. We may provide guidance on adjusted earnings per share but are unable to reconcile forecasted adjusted earnings per share to a GAAP financial measure without unreasonable effort because a forecast of certain items is not practical.

•

Free cash flow is defined by the Company as cash flow from operations, less capital expenditures on property, plant and equipment, and adjusted for capital contributions from Mitsui & Co., Ltd. to Fairway Methanol LLC. We believe that free cash flow provides useful information to management, investors, analysts and other parties in evaluating the Company's liquidity and credit quality assessment. Although we use free cash flow as a financial measure to assess the performance of our business, the use of free cash flow has important limitations, including that free cash flow does not reflect the cash requirements necessary to service our indebtedness, lease obligations, unconditional purchase obligations or pension and postretirement funding obligations.


•	Net debt is defined by the Company as total debt less cash and cash equivalents. We believe that net debt provides useful information to management, investors, analysts and other parties in evaluating changes to the Company's capital structure and credit quality assessment.


•	Return on invested capital is defined by the Company as adjusted EBIT, tax effected using the adjusted tax rate, divided by the sum of the average of beginning and end of the year short- and long-term debt and Celanese Corporation stockholders' equity.

Supplemental Information

Supplemental Information we believe to be of interest to investors, analysts and other parties includes the following:


•	Operating margin, adjusted EBIT margin and operating EBITDA margin for Materials Solutions, the Acetyl Chain and each of our business segments.


•	Net sales for Materials Solutions, the Acetyl Chain and each of our business segments and the percentage increase or decrease in net sales attributable to price, volume, currency and other factors for Materials Solutions, the Acetyl Chain and each of our business segments.


•	Cash dividends received from our equity and cost investments.


•	For those consolidated ventures in which the Company owns or is exposed to less than 100% of the economics, the outside stockholders' interests are shown as NCI. Beginning in 2014, this includes Fairway Methanol LLC for which the Company's ownership percentage is 50%. Amounts referred to as "attributable to Celanese Corporation" are net of any applicable NCI.

Recent Developments

•

During the third quarter of 2015, we revised our non-GAAP financial information to simplify its presentation by reducing certain immaterial items that had previously been excluded from the calculation of adjusted EBIT, free cash flow and net debt, as well as revising the calculation of return on invested capital. We believe the changes in methodology of our non-GAAP financial information will provide more meaningful insight into the performance of the Company's primary operations and enhance investors' ability to compare the Company's performance to its peers. The adoption of the changes in methodology has been applied retrospectively to prior periods to facilitate comparability across periods.

Results Unaudited

Table 1

Adjusted EBIT and Operating EBITDA - Reconciliation of Non-GAAP Measures - Unaudited



	Q3 '15	Q2 '15		Q1 '15	2014		Q4 '14		Q3 '14		Q2 '14		Q1 '14
	(In $ millions, except ratios)
Net earnings (loss) attributable to Celanese Corporation	161	205		236	624		(84	)	253		259		196
(Earnings) loss from discontinued operations	—	2		—	7		2		5		—		—
Interest income	—	(1	)	—	(1	)	4		(3	)	(2	)	—
Interest expense	29	30		27	147		27		41		40		39
Refinancing expense	—	—		—	29		25		4		—		—
Income tax provision (benefit)	74	24		72	314		52		90		94		78
Certain items attributable to Celanese Corporation⁽¹⁾	41	65		15	148		256		(35	)	(62	)	(11	)
Adjusted EBIT	305	325		350	1,268		282		355		329		302
Depreciation and amortization expense⁽²⁾	70	66		67	290		72		73		72		73
Operating EBITDA	375	391		417	1,558		354		428		401		375

Operating EBITDA / Interest expense					10.6



	Q3 '15	Q2 '15	Q1 '15	2014	Q4 '14	Q3 '14	Q2 '14	Q1 '14
	(In $ millions)
Advanced Engineered Materials	—	—	—	—	—	—	—	—
Consumer Specialties	—	—	—	—	—	—	—	—
Industrial Specialties	10	—	—	2	—	—	—	2
Acetyl Intermediates	—	39	—	—	—	—	—	—
Other Activities⁽³⁾	—	—	—	—	—	—	—	—
Accelerated depreciation and amortization expense	10	39	—	2	—	—	—	2
Depreciation and amortization expense⁽²⁾	70	66	67	290	72	73	72	73
Total depreciation and amortization expense attributable to Celanese	80	105	67	292	72	73	72	75

______________________________


⁽¹⁾	See Certain items presentation (Table 8) for details.


⁽²⁾	Excludes accelerated depreciation and amortization expense as detailed in the table above and included in Certain items above.


⁽³⁾	Other Activities includes corporate Selling, general and administrative ("SG&A") expenses, the results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses).



Table 2 - Segment Data and Reconciliation of Adjusted EBIT and Operating EBITDA - Non-GAAP Measures - Unaudited



	Q3 '15					Q2 '15				Q1 '15				2014				Q4 '14				Q3 '14				Q2 '14				Q1 '14
	(In $ millions, except percentages)
Operating Profit (Loss) / Operating Margin Attributable to Celanese Corporation⁽¹⁾
Advanced Engineered Materials	58			17.8	%	67		19.4	%	59		17.2	%	221		15.1	%	57		17.2	%	51		13.9	%	56		14.4	%	57		15.3	%
Consumer Specialties	77			31.2	%	77		30.9	%	62		27.3	%	388		33.4	%	104		37.4	%	105		36.1	%	80		27.7	%	99		32.8	%
Total Materials Solutions	135			23.6	%	144		24.2	%	121		21.2	%	609		23.3	%	161		26.4	%	156		23.7	%	136		20.1	%	156		23.1	%
Industrial Specialties	19			6.9	%	28		9.8	%	29		10.3	%	76		6.2	%	16		6.0	%	16		5.1	%	24		7.2	%	20		6.4	%
Acetyl Intermediates⁽²⁾	64			9.4	%	58		8.2	%	133		18.7	%	562		16.1	%	146		17.9	%	175		18.7	%	143		15.9	%	98		11.7	%
Total Acetyl Chain	83			9.5	%	86		9.4	%	162		17.8	%	638		14.8	%	162		16.5	%	191		16.7	%	167		14.9	%	118		11.1	%
Other Activities⁽³⁾	(22	)				(38	)			(24	)			(485	)			(376	)			(36	)			(43	)			(30	)
Total	196			13.9	%	192		13.0	%	259		17.9	%	762		11.2	%	(53	)	(3.4	)%	311		17.6	%	260		14.7	%	244		14.3	%
Equity Earnings, Cost-Dividend Income, Other Income (Expense) Attributable to Celanese Corporation
Advanced Engineered Materials	44		⁽⁵⁾			31				43				161				40				43				45				33
Consumer Specialties	26					27				28				124				30				29				35				30
Total Materials Solutions	70					58				71				285				70				72				80				63
Industrial Specialties	—					—				—				—				—				—				—				—
Acetyl Intermediates	2					1				1				21				3				2				15				1
Total Acetyl Chain	2					1				1				21				3				2				15				1
Other Activities⁽³⁾	(4	)				9				4				52				6				5				36				5
Total	68					68				76				358				79				79				131				69
Certain Items Attributable to Celanese Corporation⁽⁴⁾
Advanced Engineered Materials	(4	)				4				2				(53	)			(33	)			(7	)			(7	)			(6	)
Consumer Specialties	(2	)				1				2				(52	)			(24	)			(18	)			(8	)			(2	)
Total Materials Solutions	(6	)				5				4				(105	)			(57	)			(25	)			(15	)			(8	)
Industrial Specialties	(9	)				2				1				(12	)			(9	)			(1	)			(2	)			—
Acetyl Intermediates	(18	)				48				3				(36	)			(12	)			(9	)			(12	)			(3	)
Total Acetyl Chain	(27	)				50				4				(48	)			(21	)			(10	)			(14	)			(3	)
Other Activities⁽³⁾	(8	)				10				7				301				334				—				(33	)			—
Total	(41	)				65				15				148				256				(35	)			(62	)			(11	)
Adjusted EBIT / Adjusted EBIT Margin⁽¹⁾
Advanced Engineered Materials	106			32.5	%	102		29.5	%	104		30.3	%	329		22.5	%	64		19.3	%	87		23.8	%	94		24.2	%	84		22.5	%
Consumer Specialties	105			42.5	%	105		42.2	%	92		40.5	%	460		39.7	%	110		39.6	%	116		39.9	%	107		37.0	%	127		42.1	%
Total Materials Solutions	211			36.8	%	207		34.8	%	196		34.4	%	789		30.1	%	174		28.6	%	203		30.9	%	201		29.6	%	211		31.3	%
Industrial Specialties	28			10.2	%	30		10.5	%	30		10.6	%	64		5.2	%	7		2.6	%	15		4.8	%	22		6.6	%	20		6.4	%
Acetyl Intermediates	84			12.4	%	107		15.1	%	137		19.2	%	547		15.7	%	137		16.8	%	168		17.9	%	146		16.2	%	96		11.4	%
Total Acetyl Chain	112			12.8	%	137		15.0	%	167		18.4	%	611		14.2	%	144		14.7	%	183		16.0	%	168		15.0	%	116		10.9	%
Other Activities⁽³⁾	(18	)				(19	)			(13	)			(132	)			(36	)			(31	)			(40	)			(25	)
Total	305			21.6	%	325		22.0	%	350		24.1	%	1,268		18.6	%	282		18.1	%	355		20.1	%	329		18.6	%	302		17.7	%

___________________________


⁽¹⁾	Defined as Operating profit (loss) attributable to Celanese Corporation and Adjusted EBIT, respectively, divided by Net sales.


⁽²⁾	Excludes amounts attributable to NCI as follows:



	Q3 '15		Q2 '15		Q1 '15		2014		Q4 '14		Q3 '14		Q2 '14		Q1 '14
	(In $ millions)
Operating Profit (Loss)	(10	)	(4	)	(2	)	(4	)	(1	)	(1	)	(1	)	(1	)


⁽³⁾	Other Activities includes corporate SG&A expenses, the results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses).


⁽⁴⁾	See Certain items presentation (Table 8) for details.


⁽⁵⁾	Includes $43 million of Equity in net earnings (loss) of affiliates and $1 million of Other income.



Table 2 - Segment Data and Reconciliation of Adjusted EBIT and Operating EBITDA - Non-GAAP Measures - Unaudited



	Q3 '15				Q2 '15				Q1 '15				2014				Q4 '14				Q3 '14				Q2 '14				Q1 '14
	(In $ millions, except percentages)
Depreciation and Amortization Expense Attributable to Celanese Corporation⁽¹⁾
Advanced Engineered Materials	26				24				25				106				26				27				27				26
Consumer Specialties	15				12				11				43				11				11				10				11
Total Materials Solutions	41				36				36				149				37				38				37				37
Industrial Specialties	10				9				10				48				12				12				12				12
Acetyl Intermediates	17				18				19				81				20				21				19				21
Total Acetyl Chain	27				27				29				129				32				33				31				33
Other Activities⁽²⁾	2				3				2				12				3				2				4				3
Total	70				66				67				290				72				73				72				73
Operating EBITDA / Operating EBITDA Margin⁽³⁾
Advanced Engineered Materials	132		40.5	%	126		36.4	%	129		37.6	%	435		29.8	%	90		27.2	%	114		31.1	%	121		31.1	%	110		29.5	%
Consumer Specialties	120		48.6	%	117		47.0	%	103		45.4	%	503		43.4	%	121		43.5	%	127		43.6	%	117		40.5	%	138		45.7	%
Total Materials Solutions	252		44.0	%	243		40.8	%	232		40.7	%	938		35.8	%	211		34.6	%	241		36.7	%	238		35.1	%	248		36.7	%
Industrial Specialties	38		13.9	%	39		13.6	%	40		14.2	%	112		9.2	%	19		7.2	%	27		8.6	%	34		10.2	%	32		10.3	%
Acetyl Intermediates	101		14.9	%	125		17.7	%	156		21.9	%	628		18.0	%	157		19.3	%	189		20.2	%	165		18.3	%	117		13.9	%
Total Acetyl Chain	139		15.9	%	164		18.0	%	196		21.6	%	740		17.2	%	176		17.9	%	216		18.9	%	199		17.8	%	149		14.0	%
Other Activities⁽²⁾	(16	)			(16	)			(11	)			(120	)			(33	)			(29	)			(36	)			(22	)
Total	375		26.5	%	391		26.5	%	417		28.8	%	1,558		22.9	%	354		22.7	%	428		24.2	%	401		22.7	%	375		22.0	%

___________________________


⁽¹⁾	Excludes accelerated depreciation and amortization expense included in Certain items above. See Table 1 for details.


⁽²⁾	Other Activities includes corporate SG&A expenses, the results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses).


⁽³⁾	Defined as Operating EBITDA divided by Net sales.

Table 3

Adjusted Earnings (Loss) per Share - Reconciliation of a Non-GAAP Measure - Unaudited



	Q3 '15			Q2 '15			Q1 '15			2014			Q4 '14				Q3 '14			Q2 '14			Q1 '14
			per share			per share						per share			per share				per share			per share			per share
	(In $ millions, except per share data)
Earnings (loss) from continuing operations attributable to Celanese Corporation	161		1.07	207		1.34	236		1.53	631		4.04	(82	)	(0.54	)	258		1.66	259		1.66	196		1.25
Income tax provision (benefit)	74			24			72			314			52				90			94			78
Earnings (loss) from continuing operations before tax	235			231			308			945			(30	)			348			353			274
Certain items attributable to Celanese Corporation⁽¹⁾	41			65			15			148			256				(35	)		(62	)		(11	)
Refinancing and related expenses	—			—			—			29			25				4			—			—
Adjusted earnings (loss) from continuing operations before tax	276			296			323			1,122			251				317			291			263
Income tax (provision) benefit on adjusted earnings⁽²⁾	(50	)		(53	)		(58	)		(236	)		(53	)			(67	)		(61	)		(55	)
Adjusted earnings (loss) from continuing operations⁽³⁾	226		1.50	243		1.58	265		1.72	886		5.67	198		1.28		250		1.61	230		1.47	208		1.33
	Diluted shares (in millions)⁽⁴⁾
Weighted average shares outstanding	149.8			153.5			153.2			155.0			153.4				154.5			155.8			156.5
Incremental shares attributable to equity awards	1.2			0.5			0.7			1.2			1.0				0.7			0.3			0.3
Total diluted shares	151.0			154.0			153.9			156.2			154.4				155.2			156.1			156.8

______________________________


⁽¹⁾	See Certain items presentation (Table 8) for details.


⁽²⁾	Calculated using adjusted effective tax rates as follows:



	Q3 '15	Q2 '15	Q1 '15	2014	Q4 '14	Q3 '14	Q2 '14	Q1 '14
	(In percentages)
Adjusted effective tax rate	18	18	18	21	21	21	21	21


⁽³⁾	Excludes the immediate recognition of actuarial gains and losses and the impact of actual vs. expected plan asset returns.


⁽⁴⁾	Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive.

Table 4

Net Sales by Segment - Unaudited



	Q3 '15		Q2 '15		Q1 '15		2014		Q4 '14		Q3 '14		Q2 '14		Q1 '14
	(In $ millions)
Advanced Engineered Materials	326		346		343		1,459		331		366		389		373
Consumer Specialties	247		249		227		1,160		278		291		289		302
Total Materials Solutions	573		595		570		2,619		609		657		678		675
Industrial Specialties	274		287		282		1,224		265		314		333		312
Acetyl Intermediates	680		707		713		3,493		814		937		901		841
Eliminations⁽²⁾	(82	)	(83	)	(87	)	(411	)	(97	)	(109	)	(113	)	(92	)
Total Acetyl Chain	872		911		908		4,306		982		1,142		1,121		1,061
Other Activities⁽¹⁾	—		—		—		—		—		—		—		—
Intersegment eliminations⁽²⁾	(32	)	(29	)	(28	)	(123	)	(32	)	(30	)	(30	)	(31	)
Net sales	1,413		1,477		1,450		6,802		1,559		1,769		1,769		1,705

___________________________


⁽¹⁾	Other Activities includes corporate SG&A expenses, the results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses).


⁽²⁾	Includes intersegment sales as follows:



	Q3 '15		Q2 '15		Q1 '15		2014		Q4 '14		Q3 '14		Q2 '14		Q1 '14
	(In $ millions)
Consumer Specialties	—		—		—		(2	)	—		(2	)	—		—
Acetyl Intermediates	(114	)	(112	)	(115	)	(532	)	(129	)	(137	)	(143	)	(123	)
Intersegment eliminations	(114	)	(112	)	(115	)	(534	)	(129	)	(139	)	(143	)	(123	)

Table 4a

Factors Affecting Segment Net Sales Sequentially - Unaudited

Three Months Ended September 30, 2015 Compared to Three Months Ended June 30, 2015



	Volume		Price		Currency	Other	Total
	(In percentages)
Advanced Engineered Materials	(5	)	(1	)	—	—	(6	)
Consumer Specialties	—		—		—	—	—
Total Materials Solutions	(3	)	(1	)	—	—	(4	)

Industrial Specialties	(5	)	1		—	—	(4	)
Acetyl Intermediates	(1	)	(3	)	—	—	(4	)
Total Acetyl Chain	(2	)	(2	)	—	—	(4	)

Total Company	(3	)	(1	)	—	—	(4	)

Three Months Ended June 30, 2015 Compared to Three Months Ended March 31, 2015



	Volume		Price		Currency		Other	Total
	(In percentages)
Advanced Engineered Materials	2		—		(1	)	—	1
Consumer Specialties	11		(1	)	—		—	10
Total Materials Solutions	6		(1	)	(1	)	—	4

Industrial Specialties	6		(4	)	(1	)	—	1
Acetyl Intermediates	(1	)	1		(1	)	—	(1	)
Total Acetyl Chain	2		(1	)	(1	)	—	—

Total Company	3		(1	)	(1	)	1	2

Three Months Ended March 31, 2015 Compared to Three Months Ended December 31, 2014



	Volume		Price		Currency		Other	Total
	(In percentages)
Advanced Engineered Materials	6		2		(4	)	—	4
Consumer Specialties	(16	)	(2	)	—		—	(18	)
Total Materials Solutions	(4	)	—		(3	)	—	(7	)

Industrial Specialties	16		(4	)	(5	)	—	7
Acetyl Intermediates	1		(11	)	(3	)	—	(13	)
Total Acetyl Chain	5		(10	)	(4	)	1	(8	)

Total Company	2		(6	)	(4	)	1	(7	)

Three Months Ended December 31, 2014 Compared to Three Months Ended September 30, 2014



	Volume		Price		Currency		Other	Total
	(In percentages)
Advanced Engineered Materials	(6	)	(1	)	(2	)	—	(9	)
Consumer Specialties	(4	)	—		(1	)	—	(5	)
Total Materials Solutions	(5	)	(1	)	(1	)	—	(7	)

Industrial Specialties	(14	)	—		(2	)	—	(16	)
Acetyl Intermediates	(7	)	(5	)	(1	)	—	(13	)
Total Acetyl Chain	(9	)	(4	)	(2	)	1	(14	)

Total Company	(8	)	(3	)	(2	)	1	(12	)

Three Months Ended September 30, 2014 Compared to Three Months Ended June 30, 2014



	Volume		Price		Currency		Other	Total
	(In percentages)
Advanced Engineered Materials	(4	)	(1	)	(1	)	—	(6	)
Consumer Specialties	1		—		—		—	1
Total Materials Solutions	(2	)	—		(1	)	—	(3	)

Industrial Specialties	(5	)	1		(1	)	—	(5	)
Acetyl Intermediates	2		3		(1	)	—	4
Total Acetyl Chain	—		3		(1	)	—	2

Total Company	(1	)	2		(1	)	—	—

Three Months Ended June 30, 2014 Compared to Three Months Ended March 31, 2014



	Volume		Price		Currency	Other		Total
	(In percentages)
Advanced Engineered Materials	4		—		—	—		4
Consumer Specialties	(3	)	(1	)	—	—		(4	)
Total Materials Solutions	1		—		—	—		1

Industrial Specialties	2		4		—	—		6
Acetyl Intermediates	1		6		—	—		7
Total Acetyl Chain	2		6		—	(2	)	6

Total Company	1		4		—	(1	)	4

Table 4a

Factors Affecting Segment Net Sales Sequentially - Unaudited

Three Months Ended March 31, 2014 Compared to Three Months Ended December 31, 2013



	Volume		Price	Currency	Other		Total
	(In percentages)
Advanced Engineered Materials	12		2	—	—		14
Consumer Specialties	—		2	—	—		2
Total Materials Solutions	7		2	—	—		9

Industrial Specialties	13		1	—	—		14
Acetyl Intermediates	(3	)	5	—	—		2
Total Acetyl Chain	1		4	—	(1	)	4

Total Company	3		3	—	(1	)	5

Table 4b

Factors Affecting Segment Net Sales Year Over Year - Unaudited

Three Months Ended September 30, 2015 Compared to Three Months Ended September 30, 2014



	Volume		Price		Currency		Other	Total
	(In percentages)
Advanced Engineered Materials	(3	)	(1	)	(7	)	—	(11	)
Consumer Specialties	(10	)	(4	)	(1	)	—	(15	)
Total Materials Solutions	(7	)	(2	)	(4	)	—	(13	)

Industrial Specialties	—		(5	)	(8	)	—	(13	)
Acetyl Intermediates	(6	)	(15	)	(6	)	—	(27	)
Total Acetyl Chain	(5	)	(14	)	(7	)	2	(24	)

Total Company	(5	)	(10	)	(6	)	1	(20	)

Three Months Ended June 30, 2015 Compared to Three Months Ended June 30, 2014



	Volume		Price		Currency		Other	Total
	(In percentages)
Advanced Engineered Materials	(1	)	(1	)	(9	)	—	(11	)
Consumer Specialties	(10	)	(3	)	(1	)	—	(14	)
Total Materials Solutions	(5	)	(2	)	(5	)	—	(12	)

Industrial Specialties	(1	)	(4	)	(9	)	—	(14	)
Acetyl Intermediates	(4	)	(10	)	(8	)	—	(22	)
Total Acetyl Chain	(3	)	(10	)	(9	)	3	(19	)

Total Company	(4	)	(7	)	(8	)	2	(17	)

Three Months Ended March 31, 2015 Compared to Three Months Ended March 31, 2014



	Volume		Price		Currency		Other	Total
	(In percentages)
Advanced Engineered Materials	—		—		(8	)	—	(8	)
Consumer Specialties	(21	)	(3	)	(1	)	—	(25	)
Total Materials Solutions	(9	)	(2	)	(5	)	—	(16	)

Industrial Specialties	(4	)	3		(9	)	—	(10	)
Acetyl Intermediates	(2	)	(7	)	(6	)	—	(15	)
Total Acetyl Chain	(3	)	(5	)	(7	)	1	(14	)

Total Company	(6	)	(3	)	(7	)	1	(15	)

Three Months Ended December 31, 2014 Compared to Three Months Ended December 31, 2013



	Volume		Price		Currency		Other		Total
	(In percentages)
Advanced Engineered Materials	6		—		(4	)	—		2
Consumer Specialties	(5	)	(1	)	—		—		(6	)
Total Materials Solutions	1		(1	)	(2	)	—		(2	)

Industrial Specialties	(6	)	7		(4	)	—		(3	)
Acetyl Intermediates	(8	)	9		(3	)	—		(2	)
Total Acetyl Chain	(8	)	9		(3	)	(2	)	(4	)

Total Company	(5	)	5		(3	)	(1	)	(4	)

Three Months Ended September 30, 2014 Compared to Three Months Ended September 30, 2013



	Volume		Price		Currency	Other		Total
	(In percentages)
Advanced Engineered Materials	8		(2	)	—	—		6
Consumer Specialties	(8	)	2		—	—		(6	)
Total Materials Solutions	—		—		—	—		—

Industrial Specialties	(2	)	7		—	—		5
Acetyl Intermediates	1		17		—	—		18
Total Acetyl Chain	—		16		—	(3	)	13

Total Company	—		10		—	(2	)	8

Three Months Ended June 30, 2014 Compared to Three Months Ended June 30, 2013



	Volume		Price		Currency	Other		Total
	(In percentages)
Advanced Engineered Materials	10		(1	)	2	—		11
Consumer Specialties	(9	)	1		—	—		(8	)
Total Materials Solutions	1		—		1	—		2

Industrial Specialties	8		3		2	—		13
Acetyl Intermediates	(2	)	12		1	—		11
Total Acetyl Chain	1		10		2	(3	)	10

Total Company	1		6		2	(2	)	7

Table 4b

Factors Affecting Segment Net Sales Year Over Year - Unaudited

Three Months Ended March 31, 2014 Compared to Three Months Ended March 31, 2013



	Volume		Price		Currency	Other		Total
	(In percentages)
Advanced Engineered Materials	14		(2	)	1	—		13
Consumer Specialties	(1	)	3		—	—		2
Total Materials Solutions	7		—		1	—		8

Industrial Specialties	6		—		2	—		8
Acetyl Intermediates	(3	)	5		2	—		4
Total Acetyl Chain	—		4		2	(1	)	5

Total Company	3		2		1	—		6

Table 4c

Factors Affecting Segment Net Sales Year Over Year - Unaudited

Year Ended December 31, 2014 Compared to Year Ended December 31, 2013



	Volume		Price		Currency	Other		Total
	(In percentages)
Advanced Engineered Materials	9		(1	)	—	—		8
Consumer Specialties	(5	)	1		—	—		(4	)
Total Materials Solutions	2		—		—	—		2

Industrial Specialties	1		5		—	—		6
Acetyl Intermediates	(3	)	11		—	—		8
Total Acetyl Chain	(2	)	10		—	(2	)	6

Total Company	—		6		—	(1	)	5

Table 5

Free Cash Flow - Reconciliation of a Non-GAAP Measure - Unaudited



	Q3 '15		Q2 '15		Q1 '15		2014		Q4 '14		Q3 '14		Q2 '14		Q1 '14
	(In $ millions, except percentages)
Net cash provided by (used in) operating activities	173		283		270		962		166		379		253		164
Capital expenditures on property, plant and equipment	(104	)	(165	)	(162	)	(678	)	(214	)	(191	)	(125	)	(148	)
Capital contributions from Mitsui & Co., Ltd. to Fairway Methanol LLC	32		75		80		264		70		46		39		109
Free cash flow	101		193		188		548		22		234		167		125

Net sales	1,413		1,477		1,450		6,802		1,559		1,769		1,769		1,705

Free cash flow as % of Net sales	7.1	%	13.1	%	13.0	%	8.1	%	1.4	%	13.2	%	9.4	%	7.3	%

Table 6

Cash Dividends Received - Unaudited



	Q3 '15	Q2 '15	Q1 '15	2014	Q4 '14	Q3 '14	Q2 '14	Q1 '14
	(In $ millions)
Dividends from equity method investments	5	29	88	148	6	29	48	65
Dividends from cost method investments	26	26	28	116	29	29	29	29
Total	31	55	116	264	35	58	77	94

Table 7

Net Debt - Reconciliation of a Non-GAAP Measure - Unaudited



	Q3 '15		Q2 '15		Q1 '15		2014		Q4 '14		Q3 '14		Q2 '14		Q1 '14
	(In $ millions, except ratios)
Short-term borrowings and current installments of long-term debt - third party and affiliates	463		123		128		137		137		765		158		157
Long-term debt	2,541		2,552		2,536		2,608		2,608		2,639		2,880		2,881
Total debt	3,004		2,675		2,664		2,745		2,745		3,404		3,038		3,038
Cash and cash equivalents	(952	)	(988	)	(851	)	(780	)	(780	)	(1,510	)	(1,064	)	(998	)
Net debt	2,052		1,687		1,813		1,965		1,965		1,894		1,974		2,040

Operating EBITDA							1,558

Net debt / Operating EBITDA							1.3

Table 8

Certain Items - Unaudited

The following Certain items are included in Net earnings (loss) and are adjustments to non-GAAP measures:



	Q3 '15	Q2 '15	Q1 '15	2014		Q4 '14		Q3 '14		Q2 '14		Q1 '14		Income Statement Classification
	(In $ millions)
Employee termination benefits	6	10	4	7		1		3		1		2		Other charges (gains), net
Plant/office closures	13	1	3	6		—		1		2		3		Other charges (gains), net / Cost of sales / SG&A / Equity in net (earnings) loss of affiliates
Business optimization	6	5	5	8		5		3		—		—		Cost of sales / SG&A
Asset impairments	1	—	—	—		—		—		—		—		Other charges (gains), net
(Gain) loss on disposition of business and assets, net	—	5	—	3		—		—		3		—		(Gain) loss on disposition, net
Commercial disputes	5	—	1	(11	)	10		(21	)	—		—		Cost of sales / Other charges (gains), net
Kelsterbach plant relocation	—	—	—	(1	)	—		—		(1	)	—		(Gain) loss on disposition
InfraServ Hoechst restructuring	—	—	—	(48	)	—		—		(48	)	—		Equity in net (earnings) loss of affiliates
Write-off of other productive assets	—	39	—	5		—		—		5		—		Cost of sales / R&D
Employee benefit plan changes	2	1	2	(155	)	(98	)	(20	)	(21	)	(16	)	Cost of sales / SG&A / R&D
Actuarial (gain) loss on pension and postretirement plans	—	1	—	349		349		—		—		—		Cost of sales / SG&A / R&D
Fairway Methanol LLC⁽¹⁾	8	3	—	—		—		—		—		—		Cost of sales
Other	—	—	—	(15	)	(11	)	(1	)	(3	)	—		Various
Certain items attributable to Celanese Corporation	41	65	15	148		256		(35	)	(62	)	(11	)

______________________________


⁽¹⁾	Primarily associated with operational start-up costs.

Table 9

Return on Invested Capital - Presentation of a Non-GAAP Measure - Unaudited



			2014
			(In $ millions, except percentages)
Adjusted EBIT⁽¹⁾			1,268
Adjusted effective tax rate			21	%
Adjusted EBIT tax effected			1,002

	2014	2013	Average
	(In $ millions, except percentages)
Short-term borrowings and current installments of long-term debt - third parties and affiliates	137	177	157
Long-term debt	2,608	2,887	2,748
Celanese Corporation stockholders' equity	2,818	2,699	2,759
Invested capital			5,664

Return on invested capital			17.7	%

______________________________


⁽¹⁾	See consolidated Adjusted EBIT reconciliation (Table 1) for details.

Celanese Q3 2015 Earnings Monday, October 19, 2015 Conference Call / Webcast Tuesday, October 20, 2015 10:00 a.m. Eastern Time © Celanese Mark Rohr, Chairman and Chief Executive Officer Chris Jensen, SVP, Finance and Chief Financial Officer Exhibit 99.3

© Celanese Celanese Corporation 2 This presentation may contain "forward-looking statements," which include information concerning the company's plans, objectives, goals, strategies, future revenues or performance, capital expenditures, financing needs and other information that is not historical information. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the company will realize these expectations or that these beliefs will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the results expressed or implied in the forward-looking statements contained in this release. These risks and uncertainties include, among other things: changes in general economic, business, political and regulatory conditions in the countries or regions in which we operate; the length and depth of product and industry business cycles, particularly in the automotive, electrical, textiles, electronics and construction industries; changes in the price and availability of raw materials, particularly changes in the demand for, supply of, and market prices of ethylene, methanol, natural gas, wood pulp and fuel oil and the prices for electricity and other energy sources; the ability to pass increases in raw material prices on to customers or otherwise improve margins through price increases; the ability to maintain plant utilization rates and to implement planned capacity additions and expansions; the ability to reduce or maintain their current levels of production costs and to improve productivity by implementing technological improvements to existing plants; increased price competition and the introduction of competing products by other companies; market acceptance of our technology; the ability to obtain governmental approvals and to construct facilities on terms and schedules acceptable to the company; changes in the degree of intellectual property and other legal protection afforded to our products or technologies, or the theft of such intellectual property; compliance and other costs and potential disruption or interruption of production or operations due to accidents, interruptions in sources of raw materials, cyber security incidents, terrorism or political unrest or other unforeseen events or delays in construction or operation of facilities, including as a result of geopolitical conditions, the occurrence of acts of war or terrorist incidents or as a result of weather or natural disasters; potential liability for remedial actions and increased costs under existing or future environmental regulations, including those relating to climate change; potential liability resulting from pending or future litigation, or from changes in the laws, regulations or policies of governments or other governmental activities in the countries in which we operate; changes in currency exchange rates and interest rates; our level of indebtedness, which could diminish our ability to raise additional capital to fund operations or limit our ability to react to changes in the economy or the chemicals industry; and various other factors discussed from time to time in the company's filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and the company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. Results Unaudited The results in this presentation, together with the adjustments made to present the results on a comparable basis, have not been audited and are based on internal financial data furnished to management. Quarterly results should not be taken as an indication of the results of operations to be reported for any subsequent period or for the full fiscal year. Presentation This presentation presents the Company’s business segments in two subtotals, reflecting our two cores, the Acetyl Chain and Materials Solutions, based on similarities among customers, business models and technical processes. The Acetyl Chain includes the Company’s Acetyl Intermediates segment and the Industrial Specialties segment. Materials Solutions includes the Company’s Advanced Engineered Materials segment and the Consumer Specialties segment. For comparative purposes, the historical financial information included herein has been presented to reflect the Acetyl Chain and Materials Solutions subtotals. There has been no change to the composition of the Company’s business segments. Non-GAAP Financial Measures This presentation, and statements made in connection with this presentation, contain references to non-GAAP financial measures. For more information on the non-GAAP financial measures used by the company and referenced in this presentation, including definitions and reconciliations with comparable GAAP financial measures, as well as prior period information, please refer to the Non-US GAAP Financial Measures and Supplemental Information document available under Investor Relations/Financial Information/Non-GAAP Financial Measures on our website, www.celanese.com. Forward-Looking Statements

© Celanese Celanese Corporation 5 Net sales (in millions) Factors Affecting Net Sales $1,800 $1,200 $600 $0 30% 20% 10% 0% Q3 2014 Q2 2015 Q3 2015 20.1% 22.0% 21.6% $1,769 $1,477 $1,413 Q3 Performance Celanese Corporation Q3 2015 Highlights • Generated strong third quarter adjusted earnings of $1.50 per share, the second highest performance for a third quarter • Realized adjusted EBIT margin of 21.6 percent, a record for a third quarter • Repurchased 6.6 million shares, deploying $420 million of cash • Increased outstanding share repurchase authorization by $1 billion and announced plans to complete the authorization over two years *QoQ represents Q3 2015 as compared to Q2 2015; YoY represents Q3 2015 compared to Q3 2014. Adjusted EPS Q3 2015 $1.50 Q2 2015 $1.58 Q3 2014 $1.61 Total segment income margin QoQ* YoY* 5% 0% -5% -10% -15% -20% -25% Volume Price CurrencyOther Total

© Celanese Celanese Corporation 6 Net sales (in millions) Materials Solutions Q3 Performance Factors Affecting Net Sales $800 $600 $400 $200 $0 60% 40% 20% 0% Q3 2014 Q2 2015 Q3 2015 30.9% 34.8% 36.8% $657 $595 $573 Total core income margin YoY Core income highlights • Lower volume in Consumer Specialties on customer destocking in acetate tow • Lower price driven by industry utilization rates in acetate tow and selectivity in engineered materials • Expanded margin by maintaining price in engineered materials as raw material costs declined QoQ Core income highlights • Record adjusted EBIT of $211 million • Record core income margin of 36.8% • Expanded margin 200 basis points despite volume decline due to normal seasonal patterns and commercial selectivity in engineered materials QoQ YoY 2% 0% -2% -4% -6% -8% -10% -12% -14% Volume Price Currency Other Total

© Celanese Celanese Corporation 7 YoY Segment income highlights • Margin expanded as price discipline more than offset lower raw material costs • Lower volume on commercial selectivity QoQ Segment income highlights • Record adjusted EBIT • Record segment margin, expanded 300 basis points • Margin expanded: ◦ Price discipline as raw material costs decreased ◦ Affiliate earnings increased • Volume declined on normal seasonal patterns and commercial selectivity Net sales (in millions) Advanced Engineered Materials Q3 Performance Factors Affecting Net Sales $400 $300 $200 $100 $0 40% 30% 20% 10% 0% Q3 2014 Q2 2015 Q3 2015 23.8% 29.5% 32.5% $366 $346 $326 Total segment income margin QoQ YoY 2% 0% -2% -4% -6% -8% -10% -12% Volume Price Currency Other Total

© Celanese Celanese Corporation 8 Consumer Specialties Q3 Performance Factors Affecting Net Sales YoY Segment income highlights • Lower acetate tow volume driven by customer destocking • Lower price on reduced industry utilization rates • Productivity initiatives contributed to record margin QoQ Segment income highlights • Volume and price consistent sequentially • Record segment income margin of 42.5% • Productivity initiatives contributed to record margin Net sales (in millions) Total segment income margin $300 $200 $100 $0 60% 40% 20% 0% Q3 2014 Q2 2015 Q3 2015 39.9% 42.2% 42.5% $291 $249 $247 QoQ YoY 5% 0% -5% -10% -15% -20% Volume Price Currency Other Total

© Celanese Celanese Corporation 9 Acetyl Chain Q3 Performance Factors Affecting Net Sales YoY Core income highlights • Lower price due to prior year industry outages in VAM that did not reoccur, lower raw material costs and lower demand in China • Volume decrease driven by lower China demand • Weaker Euro / US Dollar exchange rate QoQ Core income highlights • Volume and price slightly lower due to: ◦ normal seasonality in emulsion polymers ◦ muted acetyl demand in China • Margin declined on higher U.S. methanol costs as our advantaged methanol supply contract expired Net sales (in millions) Total core income margin $1,200 $900 $600 $300 $0 40% 30% 20% 10% 0% Q3 2014 Q2 2015 Q3 2015 16.0% 15.0% 12.8% $1,142 $911 $872 QoQ YoY 5% 0% -5% -10% -15% -20% -25% -30% Volume Price Currency Other Total

© Celanese Celanese Corporation 10 Forward View 2015 Outlook • Continue momentum in engineered materials and broad based productivity initiatives • Offset headwinds of weak Euro, reduced tow volumes and softer demand in China • Increasing adjusted earnings outlook to $5.90 - $6.10 per share for 2015 2016 View • Not relying on improvement in economic environments, will maintain control of what we can drive ◦ Engineered Materials - Focused pipeline model, customer centric application development, increase project launches and earnings growth ◦ Cellulose Derivatives - Offset destocking impacts through capacity rationalization and productivity. Maintain earnings relatively consistent with 2015 ◦ Acetyls - Leverage value creation model, including integrated global platform and flexibility, to grow earnings across the chain ◦ Perpetual productivity Increasing 2015 adjusted earnings outlook to $5.90 to $6.10 per share

© Celanese Celanese Corporation 12 Strong Cash Flow Generation • On pace for second consecutive record year of Free Cash Flow in 2015, expecting at least $600 million • Expect 2015 net capital expenditures in the range of $325 million to $350 million • Q3 2015 impacted by timing of certain cash items: ◦ Non-recurring legacy tax settlement already accrued ◦ Timing of receipt of affiliate dividends Strong cash generation; tracking to record year of Free Cash Flow Free Cash Flow (in millions) Cash flow from operations Free cash flow (FCF) FCF as % net sales $1,000 $800 $600 $400 $200 $0 12% 10% 8% 6% 4% 2% 0% Q3 2014 YTD Q3 2015 YTD $796 $726 $526 $482 10.0% 11.1%

© Celanese Celanese Corporation 13 Return of Cash to Shareholders • Deployed $420 million to repurchase 6.6 million shares in Q3 • Reduced share count by 4.3% • Increased remaining share repurchase authorization by $1 billion, expect to complete within two years $2.3 billion returned to shareholders since 2007 via dividends and share repurchases Dividend Payout and Share Repurchases (in millions) Dividend Share Repurchases $600 $500 $400 $300 $200 $100 $0 2012 2013 2014 2015 YTD $43 $83 $144 $131$45 $164 $250 $420 Share Repurchases Dividend • 60% dividend CAGR since 2012, to achieve desired payout ratio • Expect to maintain consistent payout ratio of approximately 20% $551 $394 $247 $88

Exhibit 99.4

Q3 2015 Earnings Prepared Comments

Jon Puckett, Celanese Corporation, Vice President, Investor Relations

Welcome to the Celanese Corporation third quarter 2015 financial results recording. The date of this recording is October 19, 2015. Please note that no portion of this presentation may be rebroadcast or reproduced in any form without the prior written consent of Celanese.

My name is Jon Puckett, Vice President of Investor Relations. Today you will be hearing from Mark Rohr, Chairman and Chief Executive Officer, and Chris Jensen, Senior Vice President and Chief Financial Officer.

The Celanese Corporation third quarter 2015 earnings release was distributed via business wire this afternoon and posted on our website, www.celanese.com, in the Investor Relations section. The slides referenced during this recording are also posted on our website. As a reminder, some of the matters discussed today and included in our presentations may include forward-looking statements concerning, for example, Celanese Corporation's future objectives and results. Please note the cautionary language contained in the posted slides. Also, some of the matters discussed and presented include references to non-GAAP financial measures. Explanations of these measures and reconciliations to the comparable GAAP measures are included on our website in the Investor Relations section under Financial Information. The earnings release, presentation and non-GAAP reconciliations are being furnished to the SEC in a Current Report on Form 8-K.

Mark Rohr will provide some recent highlights, review our consolidated third quarter results, update our outlook for the remainder of 2015 and provide initial thoughts on 2016. Chris Jensen will then comment

on our earnings on a year-over-year basis and will discuss our cash flow and taxes. I'd now like to turn it over to Mark.

Mark Rohr, Celanese Corporation, Chairman of the Board of Directors and Chief Executive Officer

Thanks Jon, and I'd like to welcome everyone listening in today.

Let's start by highlighting our most recent achievement, the successful start up of the methanol unit in Clear Lake, Texas. I can't overstate how proud I am of our team in Clear Lake and all those involved who helped us achieve this milestone. At 1.3 million tons it is the largest Methanol plant in the U.S. It's also the most efficient and we believe the most economical. The project was completed, commissioned and achieved full production rates in only 21 months at a low capital cost of less than $700 per ton. Meeting this aggressive timeline could not have occurred were it not for the teamwork of those on the ground to execute the plan while also overcoming unimaginable challenges like historic flooding and shortages in skilled labor. This strategic investment provides Celanese with certain supply of methanol at favorable producer economics and allows us to capture the ongoing economic benefit of low cost natural gas in the U.S.

Shifting to our consolidated third quarter results, we generated adjusted earnings per share of $1.50, which was the second highest third quarter earnings performance in our history. This result reflects the success we are having with our commercial models overcoming global challenges while also delivering on productivity initiatives. We generated segment income of $305 million in the quarter, and set a third quarter margin record of of 21.6 percent. This is really fantastic work. Margins were down 40 basis points sequentially, but increased 150 basis points on a year-over-year basis, driven by a 590 basis point improvement in Materials Solutions largely due to the success of our innovation pipeline. This performance more than offset a 320 basis point margin decline in the Acetyl Chain caused by the expiration of the advantaged long-term methanol contract, and weakness in the Chinese market.

In the quarter, we generated $173 million of operating cash flow and $101 million of free cash flow. Our business model continues to generate strong levels of cash and we are tracking towards delivering record free cash flow for the year. Looking forward, we expect our businesses to generate increasing amounts of free cash flow, as several large capex projects, like our natural gas boilers in Narrows, Virginia and the

Clear Lake methanol unit are completed. Our confidence in our ability to generate cash prompted us to return a record amount of cash to our shareholders in the quarter by repurchasing $420 million of stock; dividends for the quarter boosted the total cash return to $467 million this quarter. We also announced a $1 billion share repurchase authorization which we intend to execute over the next two years.

Moving on to Materials Solutions, core income was $211 million on revenue of $573 million. Margin was 36.8 percent, which is up 200 basis points sequentially and 590 basis points year-over-year. Advanced Engineered Materials generated $106 million of segment income on $326 million of revenue, producing a margin of 32.5 percent, an increase of 300 basis points sequentially and 870 basis points year-over-year. The base engineered materials business generated adjusted EBIT of $63 million, representing strong growth of 43 percent over the prior year. Engineered materials' volumes were down 5% sequentially driven by normal third quarter seasonality, as well as our our own selectivity, as we focused on prioritizing and commercializing the highest return projects. Our commercial teams were able to maintain pricing for the quarter in spite of competitive pressure, demonstrating the value of our polymers and applications expertise. Affiliate earnings were $43 million, an increase of $12 million sequentially, driven primarily by higher MTBE and methanol pricing in our IBN Sina affiliate.

During the quarter we continued having success building our pipeline of new products and applications. We launched over 200 new projects during the quarter, focusing on the highest value applications of our polymers. Let me just share one recent example in an auto application where we replaced stamped metal with a thermoplastic solution for an underbody shield application. This was a time sensitive and complicated project involving cross-functional teams spanning 3 countries, 5 Celanese sites and 3 tier suppliers. Our chemistry was an important aspect of this success, but you can see from the complexity it's also our global ability to rapidly bring engineering, applications and chemistry together that wins these key projects. Successes like this can also yield translation opportunities as we work with other customers around the globe. Year to date, we have launched over 700 new products, and we expect to be in the

neighborhood of 900 new product launches for the year. Strong performance, and we believe measurably different performance versus others in the space.

In Consumer Specialties, segment income was flat sequentially at $105 million, on revenue of $247 million. Third quarter volume and price were consistent with second quarter levels, and margin was a record at 42.5 percent, as we continue our productivity actions.

In the Acetyl Chain, we continued to benefit from the flexibility of our value creation model and our global production network that provides us with unique optionality that is unmatched in the industry. We generated core income of $112 million on revenue of $872 million. Margin was 12.8 percent, down 220 basis points sequentially primarily due to higher U.S. methanol costs driven by the expiration of our advantaged long-term supply contract at the end of the second quarter. On a sequential basis, volumes declined 2 percent and pricing decreased 2 percent, driven by normal third quarter seasonality in some of the end markets that we serve, as well as continued muted demand in China.

Now let's look ahead to the full year. We expect continued momentum and earnings growth in the engineered materials space and broad based productivity initiatives to moderate seasonality and year-on-year headwinds like a lower Euro, reduced tow volumes, and weaker China demand. Saluting performance to-date, while also considering these ongoing headwinds, we are increasing our 2015 adjusted earnings outlook to $5.90 to $6.10 per share.

As we plan for next year, we remain focused on those things we can do to control our own destiny, ensure our success and to make ourselves as indifferent as possible to the marketplace noise. You may recall that as we began this year, we were faced with significant earnings headwinds like the expiration of our long-term methanol contract, a significantly weaker Euro, an uncertain Chinese economy and destocking in our cellulose derivatives business. Through the year Celanese has demonstrated an ability to overcome these headwinds and as outlined we expect to deliver record earnings and cash flow.

As we sit here today, a few of these challenges still remain. The Euro remains weak versus the U.S. Dollar and most expect it to decline further. Demand and currency trends in China are not expected to materially improve in the near term and may even deteriorate as capacity in most industries falls to levels never seen before. There is also evidence that the destocking activity in tow has not completely run its course. Our focus on new product introductions, productivity and capacity rationalization and execution will help us overcome these challenges and maintain our focus on double digit earnings growth over time. Let me share a few specifics.

In engineered materials, we expect our focus on customer intimacy and innovative application development to drive new products and earnings growth. For 2016, we have already targeted 1,100 new product launches. That's a 22% year-over-year improvement. In our cellulose derivatives business we are well positioned through numerous steps we are taking both in our production capacity rationalization and in the area of productivity to help offset destocking activity and keep 2016 earnings relatively constant with 2015 levels.

In the Acetyl Chain, our integrated global platform positions us well to manage the impacts of slower growth in China and a strong U.S. Dollar, and achieve moderate earnings growth across our chain. Complementing the above, we will continue to deliver productivity gains, having already identified over $50 million in opportunities for 2016 with more to come. Behind these proven strategies, our core business capabilities, our strong balance sheet and the proven cash generating power of our business, we are confident in our ability to overcome the noise and press double digit earnings growth in adjusted earnings per share. We look forward to adding more detail on our long-term growth strategy and earnings power at our upcoming investor day this November.

With that, I'll now turn it over to Chris.

Chris Jensen, Celanese Corporation, Chief Financial Officer

Thanks Mark.

Before I go into our year-over-year results, I would like to spend just a minute to describe how the start up of the methanol plant will impact our financials in the future, just so there is no confusion. We consolidate the 50/50 Fairway Methanol joint venture in our financial statements, so the fixed assets are around $800 million. The equity section of the balance sheet in turn shows roughly half of that amount as noncontrolling interest. On the income statement and cash flow statement, the impact from the consolidated joint venture itself will be small, because the venture is set up as a tolling entity and has minimal revenue and net income. The impact to Celanese earnings from the low cost methanol will be seen in our cost of sales.

Now I will review the year-over-year results for the third quarter. Adjusted earnings per share for the third quarter was $1.50, the second highest third quarter in our history, and 7 percent lower than the prior year quarter. Segment income was $305 million, or $50 million lower than the prior year, on net sales of $1.4 billion. We increased our segment income margin by 150 basis points year-over-year to 21.6 percent, driven by Materials Solutions which expanded margin by 590 basis points to 36.8 percent, as well as productivity actions across the company. Margin in the Acetyl Chain declined 320 basis points year-over-year, due largely to higher U.S. methanol costs as our advantaged long-term supply contract expired at the end of the second quarter.

Let me briefly discuss Other Activities, which was $18 million of expense in the quarter, $13 million lower than the prior year quarter. Other Activities is made up of various line items like corporate functional spend and global pension interest cost and expected asset returns. In the quarter, we saw the year-over-year benefit of our productivity actions, lower pension expense and positive foreign currency impacts on certain Euro denominated costs.

Moving to cash flow - the third quarter was another strong quarter of cash generation with $101 million of free cash flow, and we finished the quarter with $952 million of cash on hand. Based on our performance year to date, we would expect free cash flow of at least $600 million for 2015, which would be a second consecutive record performance. Net capital spending for the year should be in the range of $325 to $350 million, and we expect that to trend downward in 2016. During the quarter, we repurchased over 6.6 million shares, or roughly 4.3% of our outstanding share count, deploying $420 million of cash. This repurchase activity was funded with $75 million of balance sheet cash and $345 million in borrowings under our $900 million revolver, which we expect to repay early next year. Based on the confidence we have in our cash generating ability, we also obtained an additional $1 billion repurchase authorization which we intend to execute over the next two years.

Now briefly on taxes. The adjusted tax rate for the third quarter of 2015 was 18 percent compared to 21 percent in the third quarter of 2014. The lower rate was primarily attributable to the jurisdictional mix of our earnings during the quarter. Net cash taxes paid were $77 million in the third quarter compared with $30 million in the prior year quarter. The increase was mainly due to a one time $30 million settlement of an old legacy matter that was previously accrued. The effective U.S. GAAP tax rate for the third quarter was 33 percent compared to 26 percent in the prior year due to valuation allowance movements.

This concludes our prepared remarks and we look forward to discussing our results with you on our

earnings call Tuesday morning. Thank you.

Actual Plan Asset Returns

Expected Plan Asset Returns

Q4 '14 & 2014