Chemours Cuts FY22 Adj. EBITDA Outlook; Stock Down

The Chemours Company (CC), a chemical firm, said on Wednesday that it has revised down its Adjusted EBITDA guidance for the fiscal 2022, after its Titanium Technologies segment experienced a continued fall in demand throughout the third quarter.

For the full-year, the Delaware-headquartered firm now expects its adjusted EBITDA to be in the range of $1.400 billion and $1.450 billion, or at its midpoint around 7 percent below the midpoint of the prior guidance range, but about 9 percent above the prior year.

On July 28, for the fiscal 2022, the firm had projected its Adjusted EBITDA to be at the high end of the previously updated outlook range of $1.475 billion to $1.575 billion.

For the fiscal 2021, Chemours had reported adjusted EBITDA of $1.313 billion.

Mark Newman, CEO of Chemours, said: "In our TT segment, we have experienced a continued decline in our demand outlook throughout the third quarter, most notably in Europe and Asia. Lower demand, coupled with continued high input costs, have impacted our projected results for the full year. In response, we will be extending a scheduled outage on one of our TT production lines, in addition to other cost actions…"

CC was trading down by 6.57 percent at $28.71 per share in pre-market on the New York Stock Exchange.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
IBSA Pharma Inc. is recalling 27 lots of TIROSINT-SOL (levothyroxine sodium) Oral Solution to the consumer level due to subpotency, the U.S. Food and Drug Administration said. TIROSINT-SOL is indicated for Hypothyroidism and Pituitary Thyrotropin (Thyroid-Stimulating Hormone, TSH) Suppression. Meanwhile, the recall does not apply to TIROSINT (levothyroxine sodium) capsules. The U.S. Food and Drug Administration approved GlaxoSmithKline LLC's Jesduvroq tablets (daprodustat) for anemia caused by chronic kidney disease or CKD for adults who have been receiving dialysis for at least four months. It is the first oral treatment for anemia, i.e., decreased number of red blood cells, in the given indication that has received FDA approval. German banking major Deutsche Bank AG reported Thursday a significantly higher profit in its fourth quarter and fiscal 2022, mainly reflecting a tax benefit in the U.S, despite weakness in Investment Bank and asset management revenues. The company said it recorded its highest annual profit, both before and after tax, since 2007. However, Deutsche Bank shares were losing around 4 percent...
Follow RTT