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NEW YORK - Chemours Company (NYSE:CC) shares gained 3.48% after the specialty chemicals maker reported third-quarter earnings and revenue that exceeded analyst expectations, despite facing challenges in some segments.
Chemours posted adjusted earnings per share of $0.40, surpassing the analyst consensus of $0.29. Revenue came in at $1.5 billion, topping estimates of $1.44 billion and rising 1% year-over-year.
The company's Thermal & Specialized Solutions segment achieved record third-quarter sales of $460 million, up 6% from the prior year, driven by 21% growth in Opteon refrigerants. However, the Advanced Performance Materials segment saw adjusted EBITDA decline 43% to $39 million due to product mix and lower fixed cost absorption.
"In the third quarter, we delivered strong results, meeting our Net Sales expectations and exceeding our Adjusted EBITDA expectations," said Denise Dignam, Chemours President and CEO.
For the fourth quarter, Chemours anticipates a mid to high-single digit sequential decline in consolidated net sales, with adjusted EBITDA expected to decrease in the high teens to low 20% range compared to Q3.
The company also outlined a refreshed corporate strategy aimed at creating short and long-term value, including plans to achieve over $250 million in incremental cost savings from 2024 through 2027.
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