Analyst Note| Seth Goldstein, CFA |
Celanese's fourth-quarter results showed the company's businesses are recovering from the COVID-19-related economic slowdown. Operating profit roughly tripled year on year during the quarter led by the Acetyl Chain segment. Management expects the recovery to continue in 2021, guiding to an adjusted EPS range of $9.50 to $10.00, which would be roughly 25% to 30% growth versus 2020. Given the encouraging fourth-quarter results, we see an accelerated recovery in all segments in 2021 and think the guidance is achievable, albeit at the lower end of the range.