Shares of Celanese Corp., the world’s biggest producer of acetic acid, rose the most in four weeks on Wednesday after the company forecast higher earnings for the next two years.
Celanese rose 5.3 percent to $49 in New York, the biggest gain since Dec. 20.
Celanese will earn more than $4.70 a share this year and will achieve profit goals for 2013, when the company expects to earn at least $6 a share, Chief Financial Officer Steven Sterin said Wednesday on a conference call. The Dallas-based company may earn $4.76 a share this year and $5.36 next, according to the average estimate of analysts surveyed by Bloomberg.
Celanese on Tuesday said 2011 earnings were about $4.45 a share, less than the company had forecast, because of falling demand in Europe at the end of the year. The gain in the company’s stock price indicates investors are willing to look past disappointing fourth-quarter results if it provides a positive outlook, Hassan Ahmed, a New York-based analyst at Alembic Global Advisors, said in a phone interview today.
“Feedstock prices seem to be coming down and product prices are going up, and that has people all bulled up since the start of the year,” Ahmed said.
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