Celanese Corporation (CE - Free Report) announced that its ethylene-based Vinyl Acetate Monomer (VAM) technology has been awarded the "Green Technology" designation by China Petroleum and Chemical Industry Federation.
Notably, the designation was awarded to the company’s ethylene-based VAM technology due to its low carbon emissions, low content of heavy components, low energy consumption and high product quality.
Per Management, it will continue to adhere to its business standards of sustainable product development. It will also work with local governments and associations, and participate actively in related activities to contribute further to China’s green development.
Notably, ethylene-based VAM is used in the production of different types of polymer emulsions, which are base resins for water-based paints, paper coatings, adhesives and textile finishes.
The company’s shares have gained 24.7% in the past year compared with the industry’s 13.6% growth.
In October 2019, Celanese lowered its adjusted earnings per share guidance for 2019 on expectations of weak market conditions. The company anticipates adjusted earnings of $9.60-$9.80 per share for the year compared with $10.50 mentioned earlier. The revised earnings guidance incorporates the fourth-quarter impact of an earlier announced unplanned outage at Celanese’s Clear Lake facility in Texas.
Notably, the company plans to remain focused on executing productivity programs, enhancing the business model and investing in high-return projects, which it anticipates to deliver double-digit growth in 2020 adjusted earnings per share.
Celanese expects 2020 adjusted earnings of $11-$12 per share. It expects to achieve the same in the higher end of the range if demand condition improves next year.
Celanese Corporation Price and Consensus
Zacks Rank & Stocks to Consider
Celanese currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the basic materials space are Daqo New Energy Corp. (DQ - Free Report) , Pan American Silver Corp. (PAAS - Free Report) and Sibanye Gold Limited (SBGL - Free Report) .
Daqo New Energy has a projected earnings growth rate of 315.4% for 2020. The company’s shares have rallied 130.4% in a year. It sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Pan American Silver has an estimated earnings growth rate of 46.3% for 2020. It currently flaunts a Zacks Rank #1. The company’s shares have gained 47.1% in a year.
Sibanye Gold has a Zacks Rank #2 (Buy) and a projected earnings growth rate of 587.5% for 2020. The company’s shares have soared 235.4% in a year.
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