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Latest posts by Jorge Malinowski (see all)
- Today’s Hot Stock Under Review: California Resources Corporation (NYSE: CRC) - August 15, 2019
- An Eye on Financial Results: The Chemours Company (NYSE: CC) - August 12, 2019
- Earnings Results under Review: Cabot Corporation (NYSE: CBT) - August 12, 2019
WILMINGTON, Del., August 12, 2019 – Shares of The Chemours Company (NYSE: CC) declined -7.99% to $13.36. The stock grabbed the investor’s attention and traded 4.858M shares as compared to its average daily volume of 3.17M shares. The stock’s institutional ownership stands at 83.00%.
Chemours Co. (CC) reported first-quarter profit of $94.0M. The Wilmington, Delaware-based company said it had profit of 55 cents per share. Earnings, adjusted for one-time gains and costs, were 63 cents per share. The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 93 cents per share.
First quarter 2019 net sales were $1.41B in comparison to $1.71B in the record, prior-year quarter. Results were driven mainly by lower volume in Titanium Technologies, resulting in a 20 percent decrease in net sales, partially offset by a 1 percent increase in global average prices across all segments. Currency was a small headwind in the quarter. First quarter net income was $94.0M, or $0.55 per diluted share, inclusive of a $27.0M charge related to our Fayetteville facility. Adjusted EBITDA for the first quarter 2019 was $262.0M in comparison to $468.0M in the previous year’s record first quarter, a result of lower volumes and increased costs year-over-year.
Corporate and Other:
Corporate and Other in the first quarter 2019 represented a $38.0M offset to Adjusted EBITDA, as compared to a $43.0M offset in the prior-year quarter. This decrease was mainly attributable to lower performance-related compensation expenses, and lower costs associated with certain legacy environmental matters.
As of March 31, 2019, gross consolidated debt was $4.00B. Debt, net of $697.0M cash, was $3.30B, resulting in a net leverage ratio of about 2.1 times on a trailing twelve-month basis.
Cash (used for) offered by operating activities for the first quarter of 2019 was ($44.0)M, as compared to $196.0M in the prior-year quarter. Capital expenditures for the first quarter 2019 were $133.0M, as compared to $102.0M in last year’s first quarter. Free Cash Flow for the first quarter 2019 was ($177.0)M as compared to the prior-year quarter of $94.0M.
CC has a market value of $2.71B while its EPS was booked as $4.34 in the last 12 months. The stock has 202.70M shares outstanding. In the profitability analysis, the company has gross profit margin of 27.50% while net profit margin was 15.80%. Beta value of the company was 2.41; beta is used to measure riskiness of the security. Analyst recommendation for this stock stands at 2.30.