Chemours (CC) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on November 4, 2024, might help the stock move higher if these key numbers are better than exp ...

The Chemours Company (CC) has announced that it is developing a low global warming potential (GWP) refrigerant retrofit strategy for the automotive aftermarket to help support the global phaseout of higher GWP hydrofluorocarbon (HFC) refrigerants. The technical approach will allow car owners and service professionals with a simple retrofit process to safely and cost-effectively replace the legacy R-134a refrigerant in their existing vehicle with the widely used, low GWP Opteon YF refrigerant. Opteon YF was ...

JHVEPhoto Dear readers/followers, When I last covered Chemours (NYSE:CC) the company had seen some irregularities in its operations in accounting. In my last article, I saw a positive rate of return for the investment I made a few months prior - and the current rate of return from that article is barely negative here - but since my last piece, the stock is actually down a bit over 10%. In this article, we'll look at the longer-term implications and background of this move. I've long owned Chemours, unfortun ...

The Chemours Company (CC) recently announced the opening of the Chemours Battery Innovation Center (CBIC), a state-of-the-art laboratory facility located at the Chemours Discovery Hub in Newark, DE. This multi-million-dollar investment aims to support the testing and scaling of next-generation battery technologies, ultimately enabling more sustainable, cost-effective, energy-efficient and high-performing batteries for hybrid and electric vehicles (EVs). Chemours, which is among prominent players in the chem ...

NEW YORK, Aug. 09, 2024 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of The Chemours Company ("Chemours" or "the Company") (NYSE: CC). Investors who purchased Chemours securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/CC. Investigation Details On August 1, 2024, Chemours reported its financial results for the second quarter of 2024. The Com ...

The Chemours Company (NYSE:CC) Q2 2024 Earnings Conference Call August 2, 2024 8:00 AM ET Company Participants Brandon Ontjes - VP of IR Denise Dignam - President and CEO Shane Hostetter - SVP, CFO & Principal Accounting Officer Conference Call Participants John McNulty - BMO Capital Markets Mike Leithead - Barclays John Roberts - Mizuho Josh Spector - UBS Financial Hassan Ahmed - Alembic Global Advisors Laurence Alexander - Jefferies Arun Viswanathan - RBC Capital Markets Vincent Andrews - Morgan Stanley J ...

Second Quarter 2024 Earnings Presentation August 1, 2024 Safe Harbor Statement and Other Matters 2 We prepare our financial statements in accordance with Generally Accepted Accounting Principles (GAAP). Within this press release, we may make reference to Adjusted Net Income, Adjusted EPS, Adjusted EBITDA, Total Debt Principal, Net and Net Leverage Ratio which are non-GAAP financial measures. The Company includes these non-GAAP financial measures because management believes they are useful to investors in th ...

For the quarter ended June 2024, Chemours (CC) reported revenue of $1.54 billion, down 6.4% over the same period last year. EPS came in at $0.38, compared to $1.10 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $1.54 billion, representing a surprise of +0.01%. The company delivered an EPS surprise of -42.42%, with the consensus EPS estimate being $0.66. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expe ...

Chemours (CC) came out with quarterly earnings of $0.38 per share, missing the Zacks Consensus Estimate of $0.66 per share. This compares to earnings of $1.10 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -42.42%. A quarter ago, it was expected that this chemical company would post earnings of $0.25 per share when it actually produced earnings of $0.32, delivering a surprise of 28%. Over the last four quarters, the company h ...

Financial Performance - Net sales decreased by $105 million (or 6%) to $1.5 billion for Q2 2024 compared to $1.6 billion in Q2 2023, primarily due to a 6% decrease in price [259]. - For the six months ended June 30, 2024, net sales decreased by $292 million (or 9%) to $2.9 billion from $3.2 billion in the same period in 2023, driven by a 5% decrease in price and a 3% decrease in volume [260]. - Titanium Technologies segment net sales decreased by $34 million (or 5%) to $673 million for the three months ended June 30, 2024, primarily due to a 7% decrease in price [277]. - Thermal & Specialized Solutions segment net sales decreased by $10 million (or 2%) to $513 million for the three months ended June 30, 2024, primarily due to a 4% decrease in price [283]. - Advanced Performance Materials segment net sales decreased by $48 million (or 12%) to $339 million for the three months ended June 30, 2024, primarily due to a 7% decrease in price and a 4% decrease in volume [287][288]. - Performance Solutions portfolio's net sales were $133 million for Q2 2024, down from $140 million in Q2 2023, while Advanced Materials portfolio's net sales decreased from $247 million to $206 million in the same period [290]. - Net sales for the six months ended June 30, 2024, were $1,982 million, with a gross profit of $298 million [326]. Expenses and Costs - Cost of goods sold (COGS) decreased by $1 million (or less than 1%) to $1.2 billion for Q2 2024, and by $107 million (or 4%) to $2.3 billion for the six months ended June 30, 2024 [261]. - Selling, general, and administrative (SG&A) expenses decreased by $640 million (or 82%) to $139 million for Q2 2024, primarily due to litigation-related charges of $592 million recorded in Q2 2023 [262]. - Research and development (R&D) expenses decreased by $2 million (or 7%) to $26 million for Q2 2024, driven by transformation initiatives within the Titanium Technologies business [263]. - Interest expense, net increased by $18 million (or 38%) to $66 million for Q2 2024, primarily due to higher interest rates on variable rate debt and increased debt principal [266]. - Corporate expenses and unallocated items totaled $207 million for the six months ended June 30, 2024, down from $820 million in the same period of 2023 [296]. Cash Flow and Liquidity - Total unrestricted cash and cash equivalents were $604 million as of June 30, 2024, with $432 million held by foreign subsidiaries [298]. - The availability under the Revolving Credit Facility was $852 million as of June 30, 2024, net of $48 million in outstanding letters of credit [298]. - The company incurred a net $895 million usage of cash in operating activities for the six months ended June 30, 2024, compared to a net $57 million usage in the same period of 2023 [301]. - The company accelerated the collection of approximately $128 million of accounts receivable in the first half of 2024, compared to $205 million in the same period of 2023 [303]. - The company received approximately $259 million of net cash in the U.S. through intercompany loans and dividends during the six months ended June 30, 2024 [304]. - Cash used for operating activities increased to $910 million in the first half of 2024, primarily due to the release of $592 million from the qualified settlement fund [313]. - Cash used for investing activities was $171 million in the first half of 2024, mainly for property, plant, and equipment purchases totaling $175 million [314]. Environmental and Sustainability Initiatives - The company aims to achieve ambitious Corporate Responsibility Commitment goals by 2030, focusing on sustainability and long-term earnings growth [254]. - The company is committed to integrating sustainability across its operations and investing in R&D to develop safer and more efficient products [254]. - Chemours aims for a 60% reduction in Scope 1 and Scope 2 absolute GHG emissions by 2030, aligning with its Environmental Leadership goals [359]. - The company has set a new Scope 3 target to reduce emissions by 25% per ton of product by 2030, approved by the Science Based Targets initiative in May 2024 [360]. - Chemours has committed to a 99% or more reduction of air and water process emissions of fluorinated organic chemicals by 2030 [359]. - The company is continuously evaluating market trends and opportunities for low-carbon and energy-efficient products in response to evolving climate-related legislation [361]. - The Chemours Company aims to achieve a goal of avoiding 325 million tons of carbon dioxide equivalent emissions globally by the end of 2025 through its low GWP Opteon™ products [362]. Legal and Regulatory Matters - The company accrued litigation costs of $175 million as of June 30, 2024, which includes a $55 million settlement with the State of Ohio and a $13 million supplemental payment to the State of Delaware [307]. - The Chemours Company anticipates significant cash payments for known contractual obligations, including $580 million for environmental remediation liabilities as of June 30, 2024, with $127 million classified as current [306]. - The company has established an escrow account for potential future legacy PFAS liabilities, with a next escrow payment of $50 million expected by September 30, 2025, and annual payments through 2028 [307]. - The estimated earliest entry into force of PFAS restrictions in the EU is 2025, pending completion of the regulatory process [370]. - Chemours has appealed the EU's decision to list HFPO Dimer Acid as a Substance of Very High Concern, which may lead to future regulatory restrictions [368]. Assets and Liabilities - The Chemours Company reported a decrease in total current assets to $2.937 billion as of June 30, 2024, down from $3.835 billion at December 31, 2023 [317]. - Accounts and notes receivable increased by $286 million (or 47%) to $896 million at June 30, 2024, driven by higher sales in Q2 2024 [318]. - Current liabilities decreased to $1.557 billion at June 30, 2024, from $2.486 billion at December 31, 2023, primarily due to a reduction in accounts payable [321]. - Long-term liabilities as of June 30, 2024, were $4,867 million, slightly down from $4,931 million as of December 31, 2023 [327]. - Total environmental remediation liabilities decreased from $590 million as of December 31, 2023, to $580 million as of June 30, 2024 [341]. - The five most significant environmental remediation sites account for 81% of total accrued liabilities, with expected spending of $171 million over the next three years [341]. Foreign Currency and Interest Rate Management - As of June 30, 2024, Chemours had 11 foreign currency forward contracts with a gross notional value of $208 million, resulting in net gains of $3 million for the quarter [374]. - The company entered into interest rate swaps with a notional value of $300 million to mitigate cash payment volatility, recognizing pre-tax gains of $1 million for the quarter ended June 30, 2024 [377]. - The company designated euro-denominated debt as a hedge of its net investment in international subsidiaries, recognizing pre-tax gains of $13 million and $27 million for the three and six months ended June 30, 2024, respectively [376].