Chemours Co. (CC) reported a loss in the second quarter compared to a net income in the prior year. The company also announced closure of Titanium Dioxide Plant in Taiwan.
The company now expects full year 2023 Adjusted EBITDA to be within the range of $1.100 billion to $1.175 billion and Free Cash Flow of greater than $325 million, inclusive of approximately $400 million of capital expenditures which remains unchanged.
The company's second quarter net loss attributable to the company was $376 million or $2.52 per share compared to net income of $201 million or $1.26 per share in the prior year. The latest quarter result included $644 million of charges related to legal settlements for legacy PFAS environmental matters and associated fees.
Adjusted earnings per share were $1.10 compared to $1.89 prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.07 per share for second quarter. Analysts' estimates typically exclude special items.
Second quarter 2023 net sales of $1.64 billion, were 14% lower than the prior-year quarter, hurt by lower net sales in TT and APM's Advanced Materials portfolio. Price was a positive contributor, up 2%, offset by lower volumes of 16%, while currency was relatively flat, on a year-over-year basis. Analysts expected revenue of $1.69 billion for the quarter.
In addition, Chemours announced the decision to close its Kuan Yin manufacturing facility. The decision comes as part of a comprehensive strategy to improve the earnings quality of TT - producers of the popular Ti-Pure brand - by optimizing its manufacturing circuit.
According to the company, the Kuan Yin site will stop producing dry titanium dioxide pigment on August 1, 2023, and decommissioning will begin immediately. Chemours sales and technical service teams will work closely with affected customers to maintain uninterrupted supply. The company expects there will be no impact on product or service quality and no supply interruption during this transition.
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