Chemours stock falls more than 5% after company says it’s on pace to miss guidance
Shares of Chemours Co.
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fell more than 5% in the extended session Monday after the chemicals company said it was running slightly below the low end of its full-year 2022 guidance range for an adjusted EBITDA between $1.40 billion and $1.45 billion and free cash flow of more than than $575 million. Demand for titanium dioxide has weakened in the fourth quarter, “most notably in Europe and Asia as the global outlook grows increasingly uncertain,” the company said. And as expected, fourth-quarter seasonality and higher raw-material and input costs are impacting some of Chemours’ businesses, it said. “Chemours is taking strategic cost actions in order to better position the business for 2023 and beyond,” it said in a presentation to a basic-materials conference. Shares of Chemours ended the regular trading day down 4.1%.
