The Chemours Company (CC), a prominent supplier of industrial and specialty chemical products, announced a net loss of $27 million, equivalent to $0.18 per share, in the third quarter. This marks a reversal from a net profit of $12 million, or $0.08 per share, recorded during the same period last year. The downturn is largely attributable to a non-cash impairment charge totaling $56 million.
When adjusting for one-time items, the company's earnings increased to $61 million, or $0.40 per share, down slightly from $65 million, or $0.43 per share, the previous year.
Quarterly sales reached $1.501 billion, compared to $1.487 billion in the corresponding quarter last year.
On average, analysts had projected earnings of $0.28 per share on sales of $1.44 billion for this quarter. These estimates typically do not account for special items.
Looking ahead to the fourth quarter, Chemours expects sales to decline by mid to high-single digits sequentially.
