Global chemical and specialty materials company Celanese Corporation today announced it increased its full-year 2021 outlook. Accordingly, the company fixed its adjusted earnings of $11.00 to $11.50 per share. Therefore, the new guidance range represents a 15% increase over the prior range ($9.50 to $10.00).
Read more of our news content, here: Annova LNG stops pipeline project in Port of Brownsville
Celanese announces increase in its 2021 financial outlook
Celanese Corporation today announced it will increase its 2021 full-year outlook. Consequently, the company fixed its adjusted earnings of $11.00 to $11.50 per share. In fact, this new guidance range represents a 15% increase over the prior range ($9.50 to $10.00).
According to Celanese, although the recent winter storm Uri impacted its Texas and gulf coast operations, its Clear Lake, Bishop, and Bay City facilities are all operational. Furthermore, those facilities are running with most units producing at pre-storm levels.
In this regard, Lori Ryerkerk, chairman and chief executive officer, said in a press release that “amid tightened market conditions following Winter Storm Uri, (the company) expects a strong finish to the first quarter. Therefore, with adjusted earnings around $3.00 per share.”
Moreover, the CEO said Celanese expects momentum to continue across the middle of 2021. Thus, meeting elevated demand for its Acetyl Chain and Engineered Materials products. “By accelerating major turnarounds from 2021 into 2020, we are uniquely positioned to supply markets reliably. Accordingly, we expect them to remain tight into the middle of the year following the winter storm.”
Finally, the Company announced it could not reconcile adjusted earnings per share to US GAAP diluted earnings per share on a forward-looking basis.
Recycled CO2 at its Clear Lake operations
Celanese also announced today that its Clear Lake, Texas integrated chemical manufacturing facility will begin utilizing recycled carbon dioxide (CO2). Therefore, this will help the company use it as an alternative feedstock in the production of methanol.
Furthermore, the company expects this carbon capture and reuse process to produce sustainable methanol with a high capital efficiency at competitive pricing. Moreover, the methanol production unit at the Clear Lake facility will operate as Fairway Methanol LLC. In fact, this is a manufacturing joint venture between Celanese and Mitsui & Co. Therefore, it will contribute to the sustainability targets of both companies.
“Celanese is committed to protecting the Earth’s natural resources and helping our partners and customers do the same,” said Ryerkerk. Thus, “to underscore our commitment, we are taking strategic steps aimed at reducing our operational impact globally. Besides, the work we are doing with recycled CO2 at our Clear Lake facility; is a significant step forward to preserve the environment.”