Celanese Margins Contract in Second Quarter In Line With Our Expectations; Maintaining $57 FVE
Although Celanese reported slight year-on-year growth in earnings per share during the second quarter ($1.59 versus $1.58 last year), but notably contracted quarter on quarter. Operating margins have begun to decline, in line with our expectation that the prior quarter’s record margins were unsustainable. Companywide operating EBITDA margins declined from 31% in the first quarter to 28% this quarter, reflecting margin contraction in the advanced engineered materials and acetyl chain segments as ...Celanese is a holding company. Through its subsidiaries, the company is a chemical and specialty materials company. The company is a producer of engineered polymers and a producer of acetyl products, which are intermediate chemicals. The company's segments are: Engineered Materials, which develops, produces and supplies a portfolio of specialty polymers for automotive and medical applications, as well as industrial products and consumer electronics; Acetate Tow, which is a producer and supplier of acetate tow and acetate flake, primarily used in filter products applications; and Acetyl Chain, which includes the chain of intermediate chemistry, emulsion polymers and ethylene vinyl acetate polymers businesses.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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