Chemours Co (CC): restructuring charge — Chemours Q2 net loss of $376M; guides FY Adjusted EBITDA down 9%; to close TiO2 plant in Taiwan

Chemours Co

2023-Q2 EPS reported -$1.55 revenue$3,179,000,000

Q2 Net Sales $1.6B (-14% YoY); Net Loss $(376)M, EPS $(2.52); Adjusted EPS $1.10.
FY 2023 Adjusted EBITDA guidance reduced to $1.100B–$1.175B (down 9% at midpoint); FCF guidance >$325M.
Closure of Kuan Yin TiO2 plant effective Aug 1; expects $150M–$160M pre-tax charges in Q3, plus $25M–$45M decommissioning.
PFAS settlement: Chemours’ share $592M; agreed to sell Glycolic Acid business for $137M.

item 2.02 item 2.05 item 2.06 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Chemours Co reported second quarter 2023 results: revenue $1.6 billion, net income Net Loss of $(376) million with EPS of $(2.52), EPS $(2.52). Guidance lowered.

Period: second quarter 2023
Revenue: $1.6 billion
Net income: Net Loss of $(376) million with EPS of $(2.52)
EPS: $(2.52)
Guidance: lowered
Result: reported results

Exact text from the filing

quarter 2023 paired with the announcement of the closing of the Kuan Yin, Taiwan titanium dioxide manufacturing facility. Second Quarter 2023 Results & Highlights • Net Sales of $1.6 billion • Net Loss of $(376) million with EPS 1 of $(2.52) • Adjusted Net Income 2 of $167 million with Adjusted EPS 2 of $1.10 • Adjusted EBITDA 2 of $324 million and Free Cash Flow of

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Chemours Co announced a restructuring with charges of approximately $150 million to $160 million affecting Titanium Technologies segment manufacturing site in Kuan Yin, Taiwan.

Type: restructuring
Charge: approximately $150 million to $160 million
Affected area: Titanium Technologies segment manufacturing site in Kuan Yin, Taiwan

Exact text from the filing

As a result, in the third quarter 2023, the Company expects to record pre-tax asset-related impairment, restructuring, and other charges in the range of approximately $150 million to $160 million, comprised primarily of non-cash charges of approximately $130 million related to property, plant and equipment, inventory and other assets, and cash charges

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3 earnings releases filed in the last 30 days. Browse all earnings releases →

Chemours Co filing history →

Source: SEC EDGAR

accession 0000950170-23-035275

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