Chemours Cuts FY22 Adj. EBITDA Outlook; Stock Down

(RTTNews) - 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.