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Thursday, August 2, 2018

-=Chemours (CC) reported earnings on Thur 2 Aug 2018 (a/h)

Chemours beats by $0.14, reports revs in-line; raises dividend 47%; authorizes $750M buyback 
  • Reports Q2 (Jun) earnings of $1.71 per share, excluding non-recurring items, $0.14 better than the Capital IQ Consensus of $1.57; revenues rose 14.4% year/year to $1.82 bln vs the $1.82 bln Capital IQ Consensus. 
  • "Given our strong first half results and visibility into the rest of 2018, we believe that earnings will be in the top end of our previously announced range. As we look over the longer term, we remain confident in our ability to meet or exceed our three-year financial targets, supported by our commitment to Ti-Pure Value Stabilization, assisting our fluorochemicals customers through the transition to Opteon refrigerants, and further investment in application development to meet growing needs for fluoropolymers. The Board of Directors authorization of an increased dividend and new share repurchase plan underscore our expectations for long-term growth."
  • The Board of Directors of Chemours declared a quarterly cash dividend of $0.25 per share on the company's common stock for the third quarter of 2018, a 47 percent increase per share from the previous level of $0.17 per share. The dividend will be paid on September 14, 2018 to stockholders of record as of the close of business on August 17, 2018. The company also announced today that the Chemours Board of Directors authorized a $750 million share repurchase plan. The authorization extends through the end of 2020.

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