Chemours Q1 2020 Earnings Report
Key Takeaways
Chemours reported Q1 2020 net sales of $1.3 billion and net income of $100 million, or $0.61 per diluted share. Adjusted Net Income was $118 million, with Adjusted EPS of $0.71. The company enacted measures to protect employees and reduce costs by $160 million, while also reducing FY 2020 CAPEX by $125 million. Due to demand uncertainty, the company withdrew its FY 2020 guidance.
Net sales reached $1.3 billion.
Net income was $100 million, with an EPS of $0.61.
Adjusted EPS was $0.71, an increase of 13% year-over-year.
The company is reducing FY 2020 costs by $160 million and CAPEX by $125 million.
Chemours
Chemours
Forward Guidance
Due to the uncertainty created by the COVID-19 pandemic, Chemours is withdrawing its full-year 2020 guidance but is taking steps to manage the current conditions.
Positive Outlook
- Implementing protocols to safeguard employee health and well-being.
- Reducing FY 2020 costs by reducing overhead.
- Reducing FY 2020 costs by reducing discretionary spend.
- Reducing FY 2020 costs by reducing CAPEX.
- Engaging the Chemours team to serve customers.
Challenges Ahead
- Uncertainty created by the pandemic.
- Withdrawal of full-year 2020 guidance.
- Potential limitations on employee travel.
- Possible adverse effects on personnel health and welfare.
- Potential disruptions in supply chains.