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The Chemours Company Anticipates A Low To Mid-Single Digit Sequential Decline In Net Sales For Q3

Author: Benzinga Newsdesk | August 01, 2024 04:28pm

Outlook

The Company anticipates a low to mid-single digit sequential decline in Net Sales for the third quarter, reflective of:

  • Residual impacts from Q2 unplanned downtime at our Altamira, Mexico manufacturing site in TT
  • Refrigerant seasonality paired with weaker Freon™ Refrigerants pricing in TSS
  • A continued modest recovery in APM

These core Net Sales assumptions for the third quarter also project continued strong adoption of Opteon™ Refrigerants, with anticipated double-digit year-over-year growth, and APM's Performance Solutions portfolio showing strong year-over-year growth.

Additionally, the Company anticipates a high-single digit sequential decline in Adjusted EBITDA for the third quarter, reflecting approximately $15 to $20 million of costs related to the unplanned shutdown at Altamira. Corporate expenses are expected to be lower on a sequential basis as efforts around controls remediation continue but with costs concentrated in the first half.

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