Celanese Corp Raises FY21 Outlook

(RTTNews) - Chemical and specialty materials company Celanese Corp (CE) on Thursday raised its full year 2021 earnings outlook. The company now expects adjusted earnings per share between $16.50 and $17.00, higher than the earlier projected $12.50-$13.50 per share for the year ahead.

On average, 23 analysts polled by Thomson Reuters expect the company to post earnings of $13.59 per share in the year ahead. Analysts' estimates, usually exclude one-time items.

The company's profit came in at $540 million, or $4.77 per share in the second quarter. This compares with $109 million, or $0.90 per share, in last year's second quarter.

Excluding items, Celanese reported adjusted earnings of $566 million or $5.02 per share for the period. Analysts had expected the company to earn $4.25 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 84.9 percent to $2.20 billion from $1.19 billion last year.