Chemours cuts earnings forecast on low demand, high input costs

Reuters

(Reuters) – Chemours Co cut its full-year forecast for adjusted earnings on Wednesday citing low demand and high input costs, sending its shares down 5% in premarket trade.

The chemicals company also said it will extend a scheduled outage of one of the production lines in its Titanium Technologies (TT) unit.

Chemours becomes the latest chemicals company grappling with soaring energy and raw material costs as well as slower-than-expected demand recovery in Europe and Asia.

Related News:   Britain plans to boost nuclear workforce

Huntsman Corp and Eastman Chemical Co had slashed their third-quarter forecasts last week.


Wilmington, Delaware-based Chemours said its weaker outlook was driven entirely by its TT unit.


Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) is now expected to be between $1.40 billion and $1.45 billion, 7% below its prior guidance at midpoint.

(Reporting by Ruhi Soni in Bengaluru; Editing by Krishna Chandra Eluri)

You appear to be using an ad blocker

Shore News Network is a free website that does not use paywalls or charge for access to original, breaking news content. In order to provide this free service, we rely on advertisements. Please support our journalism by disabling your ad blocker for this website.