Chemours falls on slashing FY earnings forecast
21/09/2022 13:48
** Shares of Chemours Co CC.N decline 6.3% premarket to
$28.79; if loses hold, shares to open at six-month low
** The chemicals co cut its full-year forecast for adjusted
earnings, citing low demand and high input costs urn:newsml:reuters.com:*:nL4N30S2GM
** CC says it will also extend a scheduled outage of one of
the production lines in its Titanium Technologies (TT) unit
** Expects adjusted EBITDA to be between $1.40 bln and $1.45
bln, 7% below its prior guidance at midpoint
** "In our TT segment, we have experienced a continued
decline in our demand outlook throughout the third quarter, most
notably in Europe and Asia" - Chemours CEO Mark Newman
** Huntsman Corp HUN.N and Eastman Chemical Co EMN.N
also slashed their Q3 forecasts last week urn:newsml:reuters.com:*:nL4N30N2IF
** CC down 8.4% YTD
(Reporting by Arunima Kumar in Bengaluru)
((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))