Chemical maker Celanese beats profit estimates on lower costs

Nov 6 (Reuters) - Celanese reported a third-quarter profit on Monday that beat analysts' estimates as the chemical maker benefited from steps taken to lower costs.

On an adjusted basis, the company earned $2.50 per share for the three months ended Sept. 30. Analysts had expected a profit of $2.23 per share, according to LSEG data.

Celanese also named Chuck Kyrish as its new finance chief.

Chemical companies have resorted to cuttings costs as demand softened during the year.

Celanese managed to reduce inventory balances by $177 million in the quarter.

The company said it is taking steps to align its production and inventory levels with demand and aggressively cut costs, which will help in "strong" cash generation in 2023 and continued earnings growth in the second half of the year.

Dallas-based Celanese now expects full-year adjusted earnings at the lower end of its previously announced outlook of between $9 per share and $10 per share. (Reporting by Saikeerthi in Bengaluru; Editing by Shounak Dasgupta)