- Celanese (NYSE:CE) +4.5% premarket after easily beating Q1 earnings expectations on on-line revenues, and reporting free cash flow of $217M, the highest ever Q1 performance.
- While overall Q1 revenues fell 3.2% Y/Y to $1.4B, revenue in the material solutions segment rose 4.2% to $594M and revenue for the acetyl chain fell 7.5% to $840M.
- CE raises the lower end of its forecast for adjusted EPS to 8%-10% growth from a previous forecast of $6.32-$6.62, which represents a 5%-10% from 2015; in FY 2015, CE's adjusted EPS was $6.02.
- CE says it remains concerned about sluggish global economic growth and deflationary raw material trends; self-help initiatives such as a ~$500M share buyback to be completed in 2016 will drive EPS growth.
- Now read Chemicals industry ripe for more M&A action, Deutsche Bank says