Chemours misses by $0.18, misses on revs; guides FY19 EPS below consensus (18.14 -0.94)
- Reports Q2 (Jun) earnings of $0.72 per share, excluding non-recurring items, $0.18 worse than the S&P Capital IQ Consensus of $0.90; revenues fell 22.5% year/year to $1.41 bln vs the $1.53 bln S&P Capital IQ Consensus.
- Co issues downside guidance for FY19, sees EPS of $2.37-3.08, excluding non-recurring items, vs. $3.88 S&P Capital IQ Consensus.
- Co says Q2 was challenging on a number of fronts, including softer than expected Ti-Pure demand and the "continued impact of illegal imports of HFC refrigerants into Europe...Both issues impacted our volumes in the second quarter and more than offset increasing adoption of Opteon mobile refrigerants in the United States and Asia, as well as productivity efforts. We are clearly not satisfied with these results and remain firm in our commitment to grow our businesses and improve the financial performance of Chemours."