Celanese (CE) Set To Raise Global Prices Of Acetyls Products
Zacks Investment Research | Nov 13, 2018 03:49AM ET
Celanese Corporation (NYSE:CE) will raise global list and off-list selling prices of various acetyls products. The hike will be put into effect immediately for orders shipped or as contracts permit.
The company will raise prices of Acetic Anhydride by €150/MT in EMEA, 5 cents per lb in USA and Canada as well as $150/MT in Mexico and South America. Prices of Ethyl Acetate will be hiked by €100/MT in EMEA, 5 cents per lb in the USA and Canada and $125/MT in Mexico and South America. Globally, Sucrose Acetate Isobutyrate (SAIB) and Propionic Anhydride prices will be lifted by $5,000/MT and $1,200/MT, respectively.
In a year’s time, Celanese has underperformed the industry it belongs to. The stock has lost around 4.7% against the industry’s fall of 0.6%.
Celanese, last month, raised its adjusted earnings per share guidance for 2018 to roughly $10.90-$11.10 factoring in strength in Engineered Materials (EM) and Acetyl Chain units. The company expects the momentum in Acetyl Chain and EM to continue in the rest of 2018. EM segment is expected to maintain the pace of earnings growth with traction from new projects and bolt-on acquisitions.
The chemical maker benefited from gains in its EM and Acetyl Chain units in the third quarter. Higher pricing across these businesses also supported the results.
However, Celanese saw lower pricing in the quarter at its Acetate Tow segment due to reduced industry capacity utilization, partly masked by mix and productivity gains.
Celanese Corporation Price and Consensus
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