Chemours Slides After Dividend Cut, Q1 Profit Miss: Retail’s Split As Management Bets On Data Center Cooling

The specialty chemicals firm reported a net loss of $4 million, or $0.03 per share, compared with a profit of $54 million, or $0.36 per share, a year earlier.

Chemours (CC) stock fell 10% in extended trading on Tuesday after it missed first-quarter profit estimates and slashed its quarterly dividend.

According to Koyfin data, Chemours reported adjusted earnings of $0.13 per share for the quarter ended March 31, which missed estimates of $0.20 per share.

Its first-quarter sales of $1.4 billion were roughly the same as the year-ago quarter, as a 4% decrease in price partially offset a 5% increase in volume.

The specialty chemicals firm reported a net loss of $4 million, or $0.03 per share, compared with a profit of $54 million, or $0.36 per share, a year earlier.

Chemour’s Thermal & Specialized Solutions sales rose 3% to $466 million, driven by a volume increase of 10%, partially offset by a price decrease of 6%.

The company’s Titanium Technologies segment rose 1% to $597 million, aided by an increase in volume in Western markets.

Chemours expects net sales to increase in the low to mid-teen percentage points sequentially in the second quarter.

The company also slightly lowered its adjusted earnings before interest, tax, depreciation, and amortization forecast to $825 million to $950 million, compared with the $825 million to $975 million projected earlier.

It also announced a new partnership to produce cooling liquid for artificial intelligence data centers amid growing demand.

The company cut its quarterly dividend by 65% to $0.0875 per share, citing other strategic priorities.

Retail sentiment on Stocktwits was in the ‘neutral’ (45/100) territory, while retail chatter was ‘normal.’

Chemours stock has fallen 28.5% year to date (YTD).

For updates and corrections, email newsroom[at]stocktwits[dot]com.<