Chemours Q1 Profit Tops View, Cuts 2020 Capex; Stock Surges

(RTTNews) - Chemours Co. (CC) reported that its first-quarter net income rose to $100 million or $0.61 per share from $94 million or $0.55 per share in the prior year.

In Tuesday pre-market trade, CC is trading at $12.18, up $1.27 or 11.64 percent. In the after-hours trade, the stock further gained $0.83 or 6.81 percent. Adjusted net income was $118 million or $0.71 per share compared to $109 million or $0.63 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.47 per share. Analysts' estimates typically exclude special items.

First quarter 2020 net sales were $1.31 billion compared to $1.38 billion in the prior-year first quarter. Analysts expected revenue of $1.33 billion for the quarter. Results were driven primarily by higher volume in Titanium Technologies, more than offset by lower volume in Fluoroproducts and lower global average prices across all segments.

The company has launched a program to reduce 2020 costs by $160 million to increase financial flexibility.

The company has reduced 2020 CAPEX by $125 million, from $400 million to $275 million.

The company has withdrawn its full-year 2020 guidance, due to the uncertainty created by the COVID-19 pandemic.