Chemours misses Q2 number, guides full-year earnings below consensus

|About: The Chemours Company (CC)|By:, SA News Editor

Chemours (NYSE:CC) -6.9% after-hours after Q2 earnings missed estimates by a wide margin and revenues fell 22.5% Y/Y to $1.41B, prompting the company to cut its full-year earnings guidance.

Q2 "was challenging on a number of fronts, including softer than expected Ti-Pure demand and the continued impact of illegal imports of HFC refrigerants into Europe," the company said.

For the full year, Chemours forecasts EPS of $2.37-$3.08, well below $3.88 analyst consensus estimate, as well as adjusted EBITDA of $1B-$1.15B, capex of ~$500M and free cash flow of ~$100M.

For Q2, Chemours says net sales in its Titanium Technologies segment fell 34% Y/Y to $567M from $862M in the prior-year quarter, due to lower volumes of Ti-Pure titanium dioxide driven by a combination of weak demand and market share loss.

Also in Q2, Fluoroproducts segment net sales fell 11% Y/Y to $711M from $801M in the year-ago quarter, and Chemical Solutions net sales slipped 15% to $130M from $153M a year ago.

Subscribe for full text news in your inbox