Celanese Rises Most in Four Years on Earnings Beat
Celanese Corp. (CE), a chemicals maker that processes natural gas and coal into ethanol, rose the most in four years after reporting first-quarter earnings that exceeded analysts’ estimates.
Celanese climbed 11 percent to $48.95 as of 10:27 a.m. in New York. The shares earlier jumped 16 percent, the most intraday since March 2009.
Earnings excluding some items were $1.14 a share, Dallas- based Celanese said today in a statement. That topped the 78- cent average of 16 estimates compiled by Bloomberg. Net income fell to 89 cents a share from $1.21 a year earlier.
Chairman and Chief Executive Officer Mark Rohr is boosting Asian sales of acetate, used in cigarette filters, and cutting costs as he prepares to make ethanol from coal in Indonesia and China. Full-year earnings will rise 12 percent to 14 percent, consistent with the company’s long-term goals, Rohr said in the statement.
First-quarter earnings benefited from a $24 million dividend paid by a Chinese joint venture and gains in the consumer specialties and advanced engineered materials units, Charles Neivert, an analyst at Cowen Securities LLC in New York who recommends holding the shares, said in a note today.
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