Celanese tumbles after dividend slashed by 95%
** Specialty chemicals company Celanese CE.N drops 17% to $102.34 premarket
** Co temporarily cuts quarterly dividend by ~95%, lays out additional cost-cut plans following a profit slump
** Says the dividend reduction would support deleveraging and along with its plans to cut additional costs would help it save more than $75 mln by the end of 2025
** Q3 net earnings fell about 87% to $120 mln, as co's engineered materials (EM) segment was impacted by rapid slowdowns in commercial activity in both automotive and industrial segments
** CE expects improvement to free cash flow next year without visibility to earnings from lower costs, elevated cash tax etc. - Citi
** Citi analysts say there are still questions around the long-term earnings power in the EM segment and balance sheet pressure
** CE has a dividend yield of 2.27% compared to peer Dow's DOW.N yield of 5.84%, per LSEG data
** The average rating of 24 brokerages covering CE is "hold"; median PT $56
** Stock down 20.5% YTD, compared with S&P 500's .SPX near 20% advance
Reporting by Medha Singh
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