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Chemours (NYSE:CC) expects 2023 sales volumes of titanium dioxide will fall this year, although the TiO2 market should gradually improve as the year progresses, company executives said Friday.
The TiO2 outlook should improve as destocking in Europe could be ending soon, and demand in Asia should increase following the end of the Lunar New Year, President and CEO Mark Newman said on the company’s post-earnings conference call.
TiO2 is the most sensitive to economic cycles among Chemours’ (CC) product lines, and the company’s full-year guidance for $1.2B-$1.3B adjusted EBITDA and adjusted EPS of $3.80-$4.29 – both below last year’s $1.36B adjusted EBITDA and $4.66 adjusted EPS but in line with Wall Street consensus – takes into account the performance of the global economy, the company said.
In the Advanced Performance Materials business, the company remains sold out in a number of product lines, Newman said on the call.
The CEO also said it is prudent to continue investing responsibly in making fluoropolymers, part of the group of “forever chemicals” that can last thousands of years in nature without degrading.
“Fluorine chemistries are essential, and we believe, based on our technology, can be made responsibly,” Newman said in response to the European Union’s consideration of a proposal to ban widely used PFAS chemicals.
Chemours (CC) shares closed +2.5% on Friday after reporting lower than expected Q4 adjusted earnings but in-line guidance for 2023.
Image and article originally from seekingalpha.com. Read the original article here.