Chemical and advanced materials maker - Celanese CorporationCE - has decided to raise the list and off-list selling prices for LDPE polymers by 5 cents per pound in North and South America. The price rise will be effective from Sep 1, 2016, or as contracts permit.
In Jul 2016, Celanese raised the list and off-list selling prices for acetic anhydride by RMB500/MT in China.
Celanese, which is among the prominent chemical companies along with The Dow Chemical Company DOW , Eastman Chemical Company EMN and Air products and Chemicals, Inc. APD , kept its earnings streak alive with a beat in second-quarter 2016. The company reported adjusted earnings of $1.59 per share in the quarter. The figure was a penny higher than the prior-year quarter tally and above the Zacks Consensus Estimate of $1.55.
Celanese reported quarterly sales of $1,351 million, missing the Zacks Consensus Estimate of $1,418 million. The top line declined roughly 8.5% year over year.
CELANESE CP-A Price
Celanese raised the annual dividend by 20% from $1.20 to $1.44 per share, reflecting sustained strong cash generation, commitment to consistently growing dividend and confidence in the core businesses.
The company noted that recent events have added further uncertainties to economic growth expectations. It projects a relatively stable economic landscape across the U.S. and Europe for the rest of 2016. The company's Materials Solutions unit provides the best package of global presence, product portfolio and applications expertise in the industry, along with a rigorous pipeline process. This enables it to provide value to its customers and in turn, boost earnings at this business.
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 >>
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