Celanese beats by $0.03, beats on revs; increases FY17 EPS growth estimate in-line with expectations (97.61 -0.05)
- Reports Q2 (Jun) earnings of $1.79 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $1.76; revenues rose 11.8% year/year to $1.51 bln vs the $1.44 bln Capital IQ Consensus.
- Co is increasing its expectations for growth in FY 2017 adjusted earnings per share to 9-11% (prior was +8-11%), which translates to EPS of $7.20-7.34, excluding non-recurring items, vs. $7.30 Capital IQ Consensus Estimate.
- Productivity savings of approximately $100 million are on target for the year, supported by initiatives across the company.
- Briefing.com note: Celanese (CE) and funds managed by Blackstone (BX) announced a definitive agreement on June 19to form a JV that will create a global acetate tow supplier. Celanese and Blackstone will own 70% and 30% of the JV, respectively.