Plus   Neg

Chemours Q4 Profit Tops View; Stock Up

Chemours Co. (CC) reported that its fourth-quarter net loss attributable to the company was $317 million or $1.94 per share, compared to net income of $142 million or $0.81 per share in the prior year.

CC closed Thursday regular trading at $15.68 up $0.09 or 0.58 percent. In the after-hours trade, the stock up $0.94 or 5.99 percent.

The latest-quarter results included a $380 million non-cash charge related to the settlement of the non-active portion of our Netherlands Pension Plan obligations and transfer of liabilities to a third-party asset management firm. It also included a $132 million charge related to onsite remediation at Fayetteville site.

Adjusted net income was $92 million or $0.56 per share, compared to $185 million or $1.05 per share in the prior year.

Fourth quarter 2019 net sales were $1.4 billion in comparison to $1.5 billion in the prior year. Results were driven primarily by lower volume and price in Fluoroproducts and Titanium Technologies.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.42 per share and revenues of $1.35 billion for the fourth-quarter. Analysts' estimates typically exclude special items.

The company expects to deliver adjusted earnings per share to be between $2.60 and $3.55 per share for 2020. Analysts expect annual earnings of $3.16 per share.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT