Chemours (DD spin off) guides Q2 ahead of call next week
- Co sees Q2 rev $1.5 bln vs $1.54 bln Capital IQ Consensus and segment operating earnings of $113 million.
- Chemours stated that second quarter performance reflected a sequential improvement in titanium dioxide shipments over the first quarter despite a slow start to the North American coatings season. This volume improvement was offset by continued weakness in the TiO2 pricing environment and currency headwinds across the businesses.
- Chemours expects to report second quarter 2015 financial results on a stand-alone basis on August 6th and will conduct a webcast conference call to review business performance.
- Chemours anticipates additional cash flow improvements from the management of its asset portfolio. The Altamira expansion, which is expected to be completed in mid-2016, is anticipated to provide annual Adjusted EBITDA benefits of $20 million to $70 million. Once Altamira is complete, capital expenditures will decline from the peak of capital spending in 2014. The ramp up of the Opteon refrigerant product line will drive increased revenue and Adjusted EBITDA in the Fluoroproducts segment in each of the next three years. Chemours also continues to evaluate alternatives to improve the profitability of the Chemicals Solution segment.