Chemical and advanced materials maker, Celanese Corporation CE has decided to raise list and off-list selling prices for industrial ethanol by RMB 100 per MT in China. The company is increasing the prices based on the current market conditions. The price hikes will become effective immediately, or as contracts permit.
In Oct 2015, Celanese released third-quarter 2015 results. The company’s adjusted earnings (excluding one-time items) of $1.50 per share fell 6.8% from $1.61 reported in the year-ago quarter. Earnings, however, topped the Zacks Consensus Estimate of $1.38 per share. The results were aided by the company’s continued focus on opportunities to serve the key markets and productivity initiatives.
Sales in the reported quarter were $1,413 million, down roughly 20.1% year over year. Sales also missed the Zacks Consensus Estimate of $1,548 million.
Per management, Celanese is confident that it can drive performance through the rest of 2015 despite currency headwinds and a challenging macro environment, especially the recent volatility in China. Celanese expects to mitigate these headwinds by serving customers per market needs as macroeconomic trends improve, thereby winning investor confidence. Hence, the company has raised its adjusted earnings outlook to the range of $5.90–$6.10 per share for 2015 (from $5.70–$6.00 per share).
Celanese currently carries a Zacks Rank #2 (Buy).
Other well-placed companies in the chemical space include Innospec Inc. IOSP, PPG industries Inc. PPG and Stepan Company SCL. All of them carry a Zacks Rank #2 (Buy)
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