FMP
The Chemours Company Shares Down 4% on Updated Guidance
Sep 22, 2022 7:29 PM - Davit Kirakosyan
Image credit: FMP
The Chemours Company (NYSE:CC) shares were trading more than 4% lower Thursday afternoon following the company’s updated guidance announcement. Full 2022-year EBITDA guidance was lowered to a range of $1.40-$1.45 billion, down from the previous range of $1.475-$1.575 billion. Furthermore, the company revised its free cash flow guidance to around $575 million, down from $600 million.
Following the update, the analysts at RBC Capital lowered their estimates due to weakness in the company’s TT segment. 2022 and 2023 EBITDA estimates moved to $1.4 billion and $1.25 billion, respectively, down from $1.575 billion in both years.
According to the analysts, higher natural gas and other cost increases due to the Russia/Ukraine conflict have resulted in weak demand in TT, while the APM and TSS segments remain stable, mostly in North America.
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