Chemours (CC) Misses Q2 EPS by 19c; offers outlook

Chemours (NYSE: CC) reported Q2 EPS of $0.38, $0.19 worse than the analyst estimate of $0.57. Revenue for the quarter came in at $1.54 billion versus the consensus estimate of $1.53 billion.

OUTLOOK

The Company anticipates a low to mid-single digit sequential decline in Net Sales for the third quarter, reflective of:

Residual impacts from Q2 unplanned downtime at our Altamira, Mexico manufacturing site in TT
Refrigerant seasonality paired with weaker Freon™ Refrigerants pricing in TSS
A continued modest recovery in APM

These core Net Sales assumptions for the third quarter also project continued strong adoption of Opteon™ Refrigerants, with anticipated double-digit year-over-year growth, and APM’s Performance Solutions portfolio showing strong year-over-year growth.

Additionally, the Company anticipates a high-single digit sequential decline in Adjusted EBITDA for the third quarter, reflecting approximately $15 to $20 million of costs related to the unplanned shutdown at Altamira. Corporate expenses are expected to be lower on a sequential basis as efforts around controls remediation continue but with costs concentrated in the first half.

For earnings history and earnings-related data on Chemours (CC) click here.

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