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What: Shares of chemicals company Celanese Corporation (NYSE:CE) jumped 15% today after reporting better-than-expected first-quarter earnings on Thursday.

So what: Sales in the quarter dropped 15% to $1.45 billion, but it was the bottom line that impressed investors. Net income increased 20% to $236 million and on an adjusted basis earnings were $1.72 per share, topping estimates of $1.32 from Wall Street. To top it off, management increased its earnings outlook for 2015 to $5.60 to $5.90 per share.  

Now what: Macro headwinds like an uncertain economy and strong U.S. dollar have been a concern for Celanese but strong performance in Materials Solutions and the Acetyl Chain have overcome those challenges. That's why management was able to increase guidance for the year. At 11.4 times earnings, I think shares still have room to run higher given the strong profitability and momentum as the year goes on.

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