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Celanese Restarts Operations at Clear Lake Methanol Unit
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Celanese Corporation (CE - Free Report) announced that is progressing with the restart of on-site production units at its Clear Lake facility in Pasadena, TX. On Sep 21 2019, a localized fire broke out in the carbon monoxide production unit of the facility.
Per the company, operations at the Fairway Methanol unit has restarted and approaching full operating rates. Moreover, the acetic acid and vinyl acetate monomer units are scheduled for restart in October. The company expects all production units at Clear Lake to return to full capacity within the fourth quarter. However, shipping operations and associated terminals of the facility are operating without disruption.
Celanese is evaluating the potential impact of the incident on available product volumes. The company will provide further updates on the status and financial impact in third-quarter 2019.
Celanese’s shares have gained 7.8% in the past year compared with the industry’s 0.9% rise.
In July, the company backed its adjusted earnings per share guidance of around $10.50 for 2019, considering that underlying fundamentals will improve later this year.
The company will also focus on strengthening its businesses by executing productivity programs and strategically investing in high-return organic projects. Celanese is on track to commercialize more than 4,000 projects in 2019.
Zacks Rank & Key Picks
Celanese currently carries a Zacks Rank #3 (Hold).
Kinross has an expected earnings growth rate of 160% for 2019. The company’s shares have surged 63.7% in the past year.
Agnico Eagle has projected earnings growth rate of 157.1% for the current year. The company’s shares have rallied 49.6% in a year’s time.
Arconic has an estimated earnings growth rate of 50% for the current year. Its shares have moved up 17.2% in the past year.
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This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain.
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Celanese Restarts Operations at Clear Lake Methanol Unit
Celanese Corporation (CE - Free Report) announced that is progressing with the restart of on-site production units at its Clear Lake facility in Pasadena, TX. On Sep 21 2019, a localized fire broke out in the carbon monoxide production unit of the facility.
Per the company, operations at the Fairway Methanol unit has restarted and approaching full operating rates. Moreover, the acetic acid and vinyl acetate monomer units are scheduled for restart in October. The company expects all production units at Clear Lake to return to full capacity within the fourth quarter. However, shipping operations and associated terminals of the facility are operating without disruption.
Celanese is evaluating the potential impact of the incident on available product volumes. The company will provide further updates on the status and financial impact in third-quarter 2019.
Celanese’s shares have gained 7.8% in the past year compared with the industry’s 0.9% rise.
In July, the company backed its adjusted earnings per share guidance of around $10.50 for 2019, considering that underlying fundamentals will improve later this year.
The company will also focus on strengthening its businesses by executing productivity programs and strategically investing in high-return organic projects. Celanese is on track to commercialize more than 4,000 projects in 2019.
Zacks Rank & Key Picks
Celanese currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Kinross Gold Corporation (KGC - Free Report) , Agnico Eagle Mines Limited (AEM - Free Report) and Arconic Inc , all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Kinross has an expected earnings growth rate of 160% for 2019. The company’s shares have surged 63.7% in the past year.
Agnico Eagle has projected earnings growth rate of 157.1% for the current year. The company’s shares have rallied 49.6% in a year’s time.
Arconic has an estimated earnings growth rate of 50% for the current year. Its shares have moved up 17.2% in the past year.
Free: Zacks’ Single Best Stock Set to Double
Today you are invited to download our just-released Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain.
Download Free Report Now >>