By Denny Jacob
Chemours lowered its outlook for 2023 following a decline in top- and bottom-line results in the third quarter.
The performance chemicals provider forecast adjusted earnings before interest, taxes, depreciation and amortization between $1.03 billion and $1.08 billion compared to its prior outlook of $1.1 billion to $1.18 billion.
Adjusted free cash flow for the year is seen coming in greater than $225 million, which reflects about $400 million of capital expenditures. It previously guided for free cash flow greater than $325 million, including its roughly $400 million in capital expenditures.
The revised guidance comes as sales declined and net income plummeted in the third quarter.
Chief Executive Mark Newman said the quarterly results reflected the weaker global macroeconomic environment that primarily impacted its titanium technologies segment and its advanced materials portfolio in the advanced performance materials segment.
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