A month has gone by since the last earnings report for Celanese (CE). Shares have added about 14.2% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Celanese due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Celanese Surpasses Earnings and Sales Estimates in Q4Celanese logged earnings from continuing operations of $12.50 per share in fourth-quarter 2020, up from 35 cents in the year-ago quarter.Barring one-time items, adjusted earnings were $2.09 per share, up from $1.99 in the year-ago quarter. The figure surpassed the Zacks Consensus Estimate of $1.72.Revenues of $1,591 million increased 11% year over year and beat the Zacks Consensus Estimate of $1,412.1 million.Segment ReviewNet sales in the Engineered Materials unit were $572 million in the fourth quarter, up 6.1% year over year. The segment witnessed demand recovery at the year end, yet volumes were below prior year’s levels in automotive, electronics, consumer and medical end markets. Volumes rose sequentially in the quarter on the back of strong demand recovery across several end markets, while pricing was flat.The Acetyl Chain segment posted net sales of $910 million, up 18% year over year. The segment displayed the resiliency of its business model, despite significant industry headwinds. It saw higher demand levels toward the end of 2020. Volumes and pricing rose sequentially in the quarter due to tightened industry conditions in November and December.Net sales in the Acetate Tow segment were $134 million, down 9.5% year over year.FY20 ResultsEarnings (as reported) for full-year 2020 were $16.85 per share compared with $6.89 per share a year ago. Net sales fell 10.2% year over year to roughly $5.7 billion.FinancialsCelanese ended the quarter with cash and cash equivalents of $955 million, up 106.3% year over year. Long-term debt fell 5.3% year over year to $3,227 million.Celanese generated operating cash flow of $1.3 billion and free cash flow of $950 million in 2020. Capital expenditures amounted to $364 million in 2020.The company also executed on controllable initiatives during 2020 including more than $200 million in productivity actions amid the pandemic.OutlookCelanese stated that the global demand during the fourth quarter recovered and end-markets progressed toward pre-pandemic levels. It expects current demand conditions to persist and favorable Acetyl Chain industry dynamics to continue in the first quarter of 2021. It expects contributions from its controllable actions as well as demand recovery to help it deliver adjusted earnings of $9.50-$10 per share in 2021. How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended upward during the past month. The consensus estimate has shifted 16.15% due to these changes.VGM ScoresCurrently, Celanese has a poor Growth Score of F, however its Momentum Score is doing a lot better with a C. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Celanese has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Celanese Corporation (CE): Free Stock Analysis Report To read this article on Zacks.com click here.