Chemours cuts earnings forecast on low demand, high input costs

(Reuters) - Chemours Co cut its full-year forecast for adjusted earnings on Wednesday citing low demand and high input costs, sending its shares down 5% in premarket trade.

The chemicals company also said it will extend a scheduled outage of one of the production lines in its Titanium Technologies (TT) unit.

Chemours becomes the latest chemicals company grappling with soaring energy and raw material costs as well as slower-than-expected demand recovery in Europe and Asia.

Huntsman Corp and Eastman Chemical Co had slashed their third-quarter forecasts last week.

Wilmington, Delaware-based Chemours said its weaker outlook was driven entirely by its TT unit.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) is now expected to be between $1.40 billion and $1.45 billion, 7% below its prior guidance at midpoint.

(Reporting by Ruhi Soni in Bengaluru; Editing by Krishna Chandra Eluri)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Meta bull case increasingly playing out, Mizuho says
• Goldman: 'Our key conclusion is that AI is likely to be credit-positive for banks', 'Rearming Our Overweight Stance on Banks'
• Progress Software completes $400M acquisition of Domo's data platform