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Stock Alert: Chemours Shares Surge

Chemours Co. (CC) shares are rising at open as it reported a profit in the fourth quarter that beat the Street expectations.

CC have been trading below 200-day moving average for the last several weeks. The shares gapped up at $16.73 at open on Friday and reached as high as $18.78 at one point. Currently the shares are at $18.20, up 16.07 percent from its previous close of $15.68.

The American chemical company on Thursday said its fourth-quarter net loss attributable to the company was $317 million or $1.94 per share, compared to net profit of $142 million or $0.81 per share in the prior year. 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.

Earnings excluding items were $92 million or $0.56 per share, compared to $185 million or $1.05 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.42 per share. Analysts' estimates typically exclude special items.

Fourth quarter 2019 net sales were $1.4 billion in comparison to $1.5 billion in the prior year. Results were hurt primarily by lower volume and price in Fluoroproducts and Titanium Technologies. Analysts were looking for revenue of $1.35 billion.

Looking ahead to full year 2020, 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.

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