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Chemours issued a press release on August 1, 2024, reporting its financial results for the second quarter of 2024. Among other items, Chemours reported non-GAAP earnings per share of $0.38, missing consensus estimates by $0.20. The Company advised that it “anticipates a low to mid-single digit sequential decline in Net Sales for the third quarter,” citing “[r]esidual impacts from Q2 unplanned downtime at our Altamira, Mexico manufacturing site” in its Titanium Technologies segment; “[r]efrigerant seasonality paired with weaker Freon™ Refrigerants pricing in its Thermal & Specialized Solutions segment; and “[a] continued modest recovery in” its Advanced Performance Materials segment.
Following this news, Chemours’s stock price dropped over 11% on August 2, 2024.