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Jun 30, 2023
Chemours Q2 2023 Earnings Report
Chemours reported a solid second quarter despite demand weakness, announcing the closure of a titanium dioxide plant in Taiwan and lowering FY 2023 Adjusted EBITDA guidance.
Key Takeaways
Chemours' second quarter 2023 results showed net sales of $1.6 billion, a net loss of $(376) million, and adjusted EBITDA of $324 million. The company announced the closure of its Kuan Yin, Taiwan titanium dioxide manufacturing facility and reached a comprehensive settlement of PFAS-related drinking water claims. Due to weaker second-half demand visibility, the full-year Adjusted EBITDA guidance was lowered by 9% at the midpoint.
Net Sales reached $1.6 billion.
Net Loss was $(376) million, with an EPS of $(2.52).
Adjusted EBITDA amounted to $324 million, and Free Cash Flow was $3 million.
The shutdown of the Titanium Technologies Kuan Yin, Taiwan manufacturing facility was announced.
Forward Guidance
The Company is updating its full year 2023 Adjusted EBITDA guidance. The Company now expects full year 2023 Adjusted EBITDA to be within the range of $1.100 to $1.175 billion and Free Cash Flow of greater than $325 million.
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