Chemours stock rallies after Q1 beat, raised 2022 guidance

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Shares of Chemours Co. CC, +0.09% jumped nearly 7% in the extended session Monday after the the chemicals company reported first-quarter earnings that beat Wall Street expectations, saying its “outstanding” quarterly performance reflects structural improvements and longer-term growth trends for some of its businesses. Chemours said it earned $234 million, or $1.43 a share, in the quarter, compared with $96 million, or 57 cents a share, in the year-ago period. Adjusted for one-time items, the company earned $1.46 a share. Sales rose 23% to $1.8 billion, the company said. FactSet consensus called for EPS of 91 cents a share on sales of $1.6 billion. Given the “strong results” for the quarter, Chemours said it now expects full-year adjusted EBITDA to be between $1.475 billion and $1.575 billion, compared with a previous guidance of between $1.3 billion and $1.425 billion. “Our businesses continue to perform well against strong customer demand and are positioned to grow in 2022, despite the global economic uncertainties, exacerbated by the conflict in Ukraine and ongoing COVID-19 related lockdowns in China,” the company said in a statement. Share of Chemours ended the regular trading day up less than 0.1%.

This article was originally published by Marketwatch.com. Read the original article here.

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