Chemical and advanced materials maker, Celanese Corporation (CE Quick QuoteCE - Free Report) has decided to raise the list and off-list selling prices of Acetic Acid by €30 per metric ton (MT) in the European region. The rise in price will be effective from Jul 1, 2016, or as contracts permit.

Last month, Celanese announced its decision to hike the list and off-list selling prices of Acetic Acid by RMB 100/MT in China, effective immediately, or as contracts allow. 

Global growth remains sluggish, while raw materials face deflationary trends in a world under severe geopolitical strain. However, emulsions in Europe have started performing better and the high-season for the company in the region is approaching. Demand in China has also picked up and despite sales in both regions not being satisfactory, the figure is improving. 

CELANESE CP-A Price

CELANESE CP-A Price | CELANESE CP-A Quote

Celanese’s adjusted earnings for the first quarter of 2016 were $1.83 per share, indicating a 6% increase from the prior-year quarter. Earnings per share also beat the Zacks Consensus Estimate of $1.52. Although revenues dropped roughly 3% year over year to $1,404 million in the quarter, the figure beat the Zacks Consensus Estimate. 

Celanese also raised its outlook for 2016. It now expects an increase of 8%−10% in earnings per share, an improvement from 5%−10% growth stated earlier. The company intends to pursue commercial discipline, excellence in operation and productivity, to survive and grow in the current environment.

Celanese currently carries a Zacks Rank #3 (Hold).

Better-ranked companies in the chemicals industry include Innophos Holdings Inc , Albemarle Corporation (ALB Quick QuoteALB - Free Report) and Asahi Kasei Corp. (AHKSY Quick QuoteAHKSY - Free Report) , each sporting a Zacks Rank #1 (Strong Buy).

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