Celanese Corporation CE is raising the list and off-list selling prices of acetyl intermediates and acetone derivatives products. The price increase is applicable for orders shipped and is immediately effective or as contracts permit.
The company will increase Ethyl Acetate prices by €150 per metric ton (MT) in EMEA. Prices of Vinyl-based Emulsions (PVAC & VAE) will increase by ¥200/MT in China. Methyl Isobutyl Ketone (MIBK) will increase by €150/MT in EMEA, 5 cents/pound in North America and $150/MT in Mexico & South America.
Also, Methyl Isobutyl Carbinol (MIBC) prices will increase by €150/MT in EMEA, 5 cents/pound in North America, $150/MT in Mexico & South America, ¥100/MT in China and $150/MT in Asia Outside China.
Celanese’s shares have lost 6.1% in the past year compared with the industry’s 6.9% decline.
In second-quarter earnings call, Celanese stated that it witnessed demand recovery in the early third-quarter order bookings at improved levels on a sequential-comparison basis. The company expects a modest sequential improvement in earnings in the Engineered Materials unit for the third quarter.
It also sees a modest volume recovery in the Acetyl Chain, which is expected to offset incremental energy and turnaround costs. The company also noted that surge in coronavirus cases is a concern. Celanese is focused on productivity and working capital management.
Zacks Rank & Key Picks
Celanese currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space include Golden Star Resources Ltd. GSS, Eldorado Gold Corporation EGO and Yamana Gold Inc. AUY, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Golden Star Resources has an expected earnings growth rate of 12.5% for 2020. The company’s shares have surged 60% in the past year.
Eldorado Gold has an expected earnings growth rate of 2,325% for 2020. Its shares have returned 16.1% in the past year.
Yamana has an expected earnings growth rate of 76.9% for 2020. The company’s shares have soared 66% in the past year.
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