Celanese (CE) Raises Prices of Engineered Materials Products
Celanese Corporation CE recently announced that it is raising the prices of its engineered materials product portfolio globally by up to 10%. The price increase is effective Nov 1 or as contracts permit.
Per Celanese, the price hike is due to substantial increase in demand for its specialty polymer products. It is a leading supplier of engineered materials. The company has global manufacturing plants that provide local supply to all regions across the globe. Celanese is supporting its customers globally with a growing specialty portfolio of engineering polymers and functionalized grades. The company also stated that it is committed to boost its specialty product offerings and capabilities by investing in compounding assets, technologies and product as well as application expertise.
Celanese’s shares have lost 1% in the past year compared with the industry’s 0.3% decline.
In second-quarter 2020 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.
The company also sees a modest volume recovery in the Acetyl Chain, which is expected to offset incremental energy and turnaround costs. It 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 are Coeur Mining, Inc. CDE, Agnico Eagle Mines Limited AEM and Barrick Gold Corporation GOLD, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Coeur Mining has an expected earnings growth rate of 156% for 2020. The company’s shares have surged 63.3% in the past year.
Agnico Eagle has an expected earnings growth rate of 104.1% for 2020. Its shares have returned 53.5% in the past year.
Barrick has an expected earnings growth rate of 148% for 2020. The company’s shares have gained 62.9% in the past year.
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