Honeywell Q2 profit tops view

MOSCOW (MRC) -- Honeywell reported Q2 EPS of USD1.51, USD0.02 better than the analyst estimate of USD1.49. Revenue for the quarter came in at USD9.78 billion versus the consensus estimate of USD9.74 billion, said Streetinsider.

"Honeywell had a terrific second quarter capping off a strong first half of 2015," said Honeywell Chairman and CEO Dave Cote. "We delivered 3% core organic sales growth and had another quarter of double-digit earnings growth when normalized for tax.

We saw growth acceleration in both the short- and long-cycle businesses within Aerospace, continued growth in our commercial and industrial businesses within ACS, and higher volume across our Advanced Materials portfolio, particularly in Fluorine Products. We saw margin expansion in each segment, with a significant portion from gross margin, as our new products, process focus, disciplined cost management, and restructuring continue to distinguish Honeywell's performance. We remain committed to seed planting and process improvements throughout our portfolio.

Once again we proactively funded repositioning actions that will improve our cost position and drive the efficiencies necessary for winning in a slow growth global economy. Our great first half performance gives us confidence to again raise the low end of our full-year EPS guidance range by USD0.05 to USD6.05-USD6.15, and we remain committed to our full-year core organic sales growth and free cash flow estimates. We believe that our balanced portfolio of short- and long-cycle businesses, penetration in High Growth Regions, and the deployment of our key process initiatives will continue to drive results this year and over the long term."

Honeywell sees FY2015 EPS of USD6.05 - USD6.15, versus the consensus of USD6.09.

As MRC informed earlier, Honeywell LNGTechnology provided by Honeywell Process Solutions (HPS) will help improve operations for China's long-distance Guangxi liquefied natural gas (LNG) high-pressure pipeline.
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MOSCOW (MRC) -- Celanese Corp.'s profit fell in its second quarter as higher material costs and the stronger dollar hurt results, but the specialty materials maker still increased its earnings outlook for the year, said the producer in its press release.

The strong dollar has caused headwinds for the company, making its products more expensive overseas. In recent months, Celanese has increased the prices of some of its chemical compounds in the U.S., South America, Europe and Asia.

The company raised its earnings guidance for the year to USD5.70 to USD6, up from its previous projection of USD5.60 to USD5.90. "As we look to the remainder of 2015, we are confident in our ability to drive unique value in both of our cores despite year-over-year currency headwinds and the recent stress in the global macroeconomic environment, primarily due to the recent uncertainty in China," Chief Executive Mark Rohr said.

For the period ended in June, the company posted a profit of USD201 million, or USD1.33, down from a year-earlier profit of USD258 million, or USD1.66 a share. Excluding certain costs, the company posted an adjusted profit of USD1.58 a share, up from USD1.47 in the previous year. Revenue fell 16.5%, to USD1.4 billion.

Analysts polled by Thomson Reuters had been projecting earnings of USD1.42 a share on revenue of USD1.6 billion. The Dallas-based company's value drivers are its materials solutions and acetyl chain segments. The materials solutions segment includes products for a variety of automotive and consumer electronic designs as well as medical, food and beverage products. Its acetyl chain segment produces products for the chemicals, paints and coatings industry.

By segment, revenue in its material solutions, which includes its advanced engineered materials and consumer specialties, fell 12.2% to USD595 million.

Meanwhile, revenue for its acetyl chain, which includes acetyl intermediates and industrial specialities, fell 18.7% to USD911 million. Mr. Rohr said its acetyl chain's margins fell due to higher raw material costs.

Shares of Celanese, up 8% over the past 12 months, rose 1% to USD69.87 in after hours trading.

Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Based in Dallas, Texas, Celanese employs approximately 7,500 employees worldwide and had 2014 net sales of USD6.8 billion.

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MOSCOW (MRC) -- Praxair has signed a deal to purchase crude carbon dioxide from Delaware City Refining, as per company's press release.

Under the long-term agreement, Praxair will build, own and operate a 450-ton-per-day carbon dioxide purification and liquefaction plant at the refinery, producing beverage-quality liquid carbon dioxide for distribution into the Northeastern US merchant market. This new carbon dioxide source will begin serving customers in 2016.

Praxair previously started up a 450-ton-per-day carbon dioxide purification facility at Honeywell Resins & Chemicals in Hopewell, Virginia, and also operates carbon dioxide facilities in Southeastern Canada.

The CO2 supply serves Praxair customers in a variety of industries, including food and beverage, where it is used to freeze, chill, preserve and package food and carbonate beverages. It is also used in the healthcare, oil recovery, metal fabrication, chemicals and wastewater segments.

The company also operates a 450 tonne/day carbon dioxide purification facility in Virginia and other carbon dioxide facilities in southeastern Canada.

As MRC informed earlier, Praxair has signed a 20-year agreement to supply approximately 170 MMscfd of hydrogen and 2,000 tpd of nitrogen to a new 750,000-tpy ammonia complex being built by a new entity formed by Yara and BASF.

Praxair, Inc., a Fortune 250 company with 2014 sales of $12.3 billion, is the largest industrial gases company in North and South America and one of the largest worldwide. The company produces, sells and distributes atmospheric, process and specialty gases, and high-performance surface coatings. Praxair products, services and technologies are making our planet more productive by bringing efficiency and environmental benefits to a wide variety of industries, including aerospace, chemicals, food and beverage, electronics, energy, healthcare, manufacturing, primary metals and many others.
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MOSCOW (MRC) -- Britain’s second biggest manufacturing company and which owns the Grangemouth petro-chem refinery – has announced that it is now growing so fast in the UK that it is setting up a new corporate headquarters building in London, said Scottishenergynews.

Overlooking near neighbour, the Harrods department store, the building will house over 100 people and provide a home for all of the INEOS UK businesses including its Grangemouth business, its oil and gas ventures, its shipping business, its trading business and its new INOVYN joint venture as well as a number of corporate services.

Rolle in Switzerland will remain the headquarters for a number of well-established INEOS businesses and INEOS will formally refer to itself as an Anglo / Swiss company.

Jim Ratcliffe, INEOS chairman and founder said, "It makes perfect sense for INEOS to set up its new UK corporate headquarters in London. We are growing fast in the UK and London is a great location for our UK base".

As MRC informed earlier, INEOS has recently commissioned eight large-volume Dragon class ships to transport liquefied shale gas ethane from the US to Europe. And the company – which owns a number of licences to explore for shale oil / gas in the Central Belt – has now put roof in place that covers Europe’s biggest ethane storage tank at Grangemouth.

INEOS Group Limited is a privately owned multinational chemicals company consisting of 15 standalone business units, headquartered in Rolle, Switzerland and with its registered office in Lyndhurst, United Kingdom. It is the fourth largest chemicals company in the world measured by revenues (after BASF, Dow Chemical and LyondellBasell) and the largest privately owned company in the United Kingdom.

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MOSCOW (MRC) -- PPG Industries announced the appointment of Michael H. McGarry, currently chief operating officer, to president and chief operating officer, effective March 1, said the company in its press release.

McGarry became chief operating officer in August 2014. McGarry will continue to have executive oversight responsibility for all of PPG’s strategic business units and operating regions and for the information technology (IT), environment, health and safety (EH&S), and purchasing functions. He will remain based at PPG’s global headquarters in Pittsburgh and will continue to report to Chairman and CEO Charles E. Bunch.

As MRC informed earlier, PPG Industries has agreed to acquire US-based IVC Industrial Coatings for an undisclosed amount. Established in 1870 as Indianapolis Varnish, IVC Industrial produces specialty powder and liquid coatings for various products, including metal office furniture, material handling and storage products, automotive parts, motorcycles, industrial containers and small appliances.

PPG Industries, Inc. (PPG) is a global supplier of protective and decorative coatings. Performance Coatings, Industrial Coatings and Architectural Coatings- EMEA segments supply protective and decorative finishes for customers in a range of end use markets, including industrial equipment, appliances and packaging; factory-finished aluminum extrusions and steel and aluminum. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in nearly 70 countries around the world. Reported net sales in 2014 were USD15.4 billion.
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