In This Article:
Celanese Corporation CE stated that it will increase the prices of all acetate tow product grades sold globally by up to 10%. The price hike is effective for orders shipped on or after Jul 1, 2019 or as contracts permit.
Per management, the price increases are necessary for securing sustainability of the company’s acetate tow business and offset declines. The company is committed toward the acetate tow business. It will continue to invest in manufacturing assets, service and innovation, which will position the company as the strategic partner for customers.
Celanese’s shares have lost 10.4% in the past year, against the industry’s 5.3% rise.
In April 2019, the company backed its adjusted earnings per share guidance of roughly $10.50 for 2019, considering that underlying fundamentals will start to improve later in the year.
The company does not expect improvement in demand in the second quarter. It anticipates second-quarter performance to be similar to first-quarter levels. Celanese will continue to invest in its businesses and further expand capability to boost growth and shareholders’ value.
Zacks Rank & Key Picks
Celanese currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Materion Corporation MTRN, Flexible Solutions International Inc FSI and AngloGold Ashanti Limited AU, all currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Materion has an expected earnings growth rate of 27.3% for 2019. The company’s shares have gained 16.7% in the past year.
Flexible Solutions has a projected earnings growth rate of 342.9% for the current year. The company’s shares have surged 126.7% in a year’s time.
AngloGold has an estimated earnings growth rate of 90.6% for the current year. Its shares have rallied 67.2% in the past year.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>
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
Flexible Solutions International Inc. (FSI) : Free Stock Analysis Report
AngloGold Ashanti Limited (AU) : Free Stock Analysis Report
Materion Corporation (MTRN) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research