Celanese Corporation CE is raising the list and off-list selling prices of vinyl acetate monomer. The price hike is effective for orders shipped as of Jul 1, 2020, or as contracts permit.
The company stated that the latest price hikes are incremental to any earlier announced increases.
Prices of vinyl acetate monomer are anticipated to increase by RMB 700/MT in China. Moreover, prices of vinyl acetate monomer will increase €100/MT in Europe, Middle East & Africa, and it will rise 5 cents/lb in the United States and Canada.
Moreover, prices of vinyl acetate monomer are expected to increase $125/MT in Mexico and South America, and $100/MT in Asia outside China.
Celanese’s shares have lost 13.5% in the past year against its industry’s 33.4% rise.
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On its first-earnings call, the company expected to generate $300-$400 million of incremental cash on account of the actions that it is presently taking on productivity, working capital management and capital expenditure prioritization, which enables it to offset challenges related to demand and earnings in 2020.
The company also suspended its earlier announced annual adjusted earnings per share guidance for 2020 due to uncertainties regarding the duration and impacts of the coronavirus pandemic.
Celanese Corporation Price and Consensus
Zacks Rank & Stocks to Consider
Celanese currently carries a Zacks Rank #3 (Hold).
Some better-ranked companies in the basic materials space are Agnico Eagle Mines Limited AEM, Franco-Nevada Corporation FNV and Barrick Gold Corporation GOLD.
Agnico Eagle currently sports a Zacks Rank #1 (Strong Buy) and has a projected earnings growth rate of 53.6% for 2020. The company’s shares have gained 29.7% in a year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Franco-Nevada has an expected earnings growth rate of 19.2% for 2020. The company’s shares have surged 68.3% in the past year. It presently carries a Zacks Rank #2 (Buy).
Barrick has a projected earnings growth rate of 54.9% for the current year. The company’s shares have rallied around 75% in a year. It currently has a Zacks Rank #2.
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