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(Reuters) – Chemours Co cut its full-year forecast for adjusted earnings on Wednesday citing low demand and high input costs, sending its shares down 5% in premarket trade.
The chemicals company also said it will extend a scheduled outage of one of the production lines in its Titanium Technologies (TT) unit.
Chemours becomes the latest chemicals company grappling with soaring energy and raw material costs as well as slower-than-expected demand recovery in Europe and Asia.
Huntsman (NYSE:) Corp and Eastman Chemical (NYSE:) Co had slashed their third-quarter forecasts last week.
Wilmington, Delaware-based Chemours said its weaker outlook was driven entirely by its TT unit.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) is now expected to be between $1.40 billion and $1.45 billion, 7% below its prior guidance at midpoint.
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