Chemours (NYSE:CC) -5.3% post-market Monday after saying in an investor presentation that it is tracking “slightly below” the low end of its FY 2022 guidance range for adjusted EBITDA of $1.4B-$1.45B and free cash flow of greater than than $575M.
The chemicals company said demand for titanium dioxide has weakened in Q4, particularly in Europe and Asia “as the global outlook grows increasingly uncertain.”
As expected, Q4 seasonality and higher raw material and input costs are affecting Chemours’ Thermal & Specialized Solutions and Advanced Performance Materials businesses, the company said.
Chemours (CC) said it is “taking strategic cost actions in order to better position the business for 2023 and beyond.”
Chemours (CC) closed -7.5% in Monday’s regular trading; shares have gained during the past month on hopes China would relax its strict COVID-19 policies.
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