NEW YORK (TheStreet) -- Shares of Celanese (CE) - Get Celanese Corporation Report were advancing 5.06% to $66.80 in after-hours trading on Monday as the Irving, TX-based company reported 2016 third-quarter earnings that were above analysts' expectations.
Celanese posted adjusted earnings of $1.67 per share, beating analysts' estimated $1.60 per share.
Revenue came in at $1.32 billion, falling short of Wall Street's projected $1.38 billion in revenue.
For the same period last year, the technology and specialty materials company earned $1.50 per diluted share on revenue of $1.41 billion.
Celanese said it sees 2016 adjusted earnings growth between 8% to 10%. Analysts are looking for earnings of $6.53 per share for the year.
Additionally, the company today announced it agreed to acquire the Italy-based company SO.F.TER. Group.
Terms of the deal weren't disclosed, but Celanese said it will gain access to the compounding company's thermoplastics product portfolio.
Celanese expects the transaction to close in the 2016 fourth quarter.
About 2.11 million shares of Pandora have been traded so far today, above the company's average trading volume of roughly 1.02 million shares per day.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates Celanese as a Buy with a ratings score of B. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, growth in earnings per share and increase in net income. The team feels its strengths outweigh the fact that the company shows low profit margins.
You can view the full analysis from the report here: CE