Feb 18 (Reuters) - Specialty chemicals company Celanese

reported a quarterly loss on Tuesday, hurt by persistent

destocking trends in its automotive and industrial markets,

sending its shares down over 13% after the market bell.

The company also announced that it would stop production and

shut down its Mylar Specialty Films manufacturing operations in

Luxembourg, which is a joint venture equally owned by Celanese

and Japan's Teijin, as the company looks to exit higher-cost

facilities.

Celanese is a top producer of acetic acid and VAMs, which

are used to make paints, coatings and other products.

U.S. chemical companies have seen their results weighed down

by challenging demand conditions from key markets for the

majority of 2024.

Business activity in the Euro zone also contracted in

November and December, which is a key market for Celanese.

"With little indication of near-term recovery, it is our job

to drive productivity and earnings growth at Celanese even if

fundamental demand remains flat or declines further," said Scott

Richardson.

The Dallas, Texas-based company reported a loss of $1.9

billion, or $17.45 per share, for the three months ended

December 31, compared with a profit of $701 million, or $6.43

per share, last year.

The operating profit of the engineered materials segment

suffered a significant drop, moving from a profit of $122

million in the same quarter last year to a loss of $1.51

billion, largely impacting the company's overall performance.

The segment's demand environment was impacted by sharp

downturns from the third quarter in the automotive and

industrial businesses due to destocking, triggered by a fall in

demand from Western Hemisphere original equipment manufacturers.

However, on an adjusted basis, the company reported a profit

of $1.45 per share in the reported period, beating analysts'

estimates of $1.20 per share, according to data from LSEG.