Celanese Corp. (CE) Tops Q1 EPS by 50c, Revenues Beat; Raises 2Q & FY21 EPS Guidance Above Consensus
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Celanese Corp. (NYSE: CE) reported Q1 EPS of $3.46, $0.50 better than the analyst estimate of $2.96. Revenue for the quarter came in at $1.8 billion versus the consensus estimate of $1.72 billion.
"As demand fundamentals continued to improve coming out of a very challenging 2020, we experienced unprecedented disruption as a result of Winter Storm Uri, including direct impacts to our employees and production facilities in Texas as well as extensive industry supply chain challenges. Our teams responded with great agility to repair and restart our facilities quickly and to navigate hundreds of obstacles to source, manufacture, and ship our products to our customers. Amid continuing supply chain and raw material challenges, we finished the first quarter with momentum and expect to deliver strong earnings performance across the remainder of 2021," said Lori Ryerkerk, chairman and chief executive officer.
Celanese Corp. sees Q2 2021 EPS of $4.00, versus the consensus of $2.97.
Celanese Corp. sees FY2021 EPS of $12.50-$13.50, versus the consensus of $11.25.
"Our teams have maintained the momentum with which we entered 2021 despite the challenges of Winter Storm Uri," continued Ryerkerk. "The unique value of our global positions and unparalleled optionality, particularly within our Acetyl Chain business, was demonstrated in our first quarter performance. Demand for our Engineered Materials and Acetyl Chain products remains strong across most end markets. Amid a tightened industry landscape following the storm, we are well positioned to continue to deliver leading value. Inclusive of current industry dynamics, higher inventory costs from Winter Storm Uri, and our minimal turnaround needs due to previous acceleration of scheduled turnarounds, we expect second quarter 2021 adjusted earnings of approximately $4.00 per share, which would be an all-time record. Driven by this elevated performance across the first half, we now expect adjusted earnings of $12.50 to $13.50 per share in 2021, reflecting a moderation in Acetyl Chain industry utilization and pricing as the year progresses."
For earnings history and earnings-related data on Celanese Corp. (CE) click here.
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