Shares of Chemours Co. sank 5.5% toward a six-month low in premarket trading Wednesday, after the specialty materials company lowered its full-year outlook due to a continued demand decline in its Titanium Technologies business. The company said it now expects 2022 adjusted earnings before interest, taxes, depreciation and amortization (Ebtida) to be between $1.40 billion and $1.45 billion, down from previous guidance of "at the high end" of range of $1.475 billion to $1.575 billion. The company also revised its free cash flow estimate to "greater than $575 million" from a previous expectation that it would "exceed $600 million." The company said the demand weakness in its TT business was most notable in Europe and Asia. "Lower demand, coupled with continued high input costs, have impacted our projected results for the full year," said Chief Executive Mark Newman. "In response, we will be extending a scheduled outage on one of our TT production lines, in addition to other cost actions." Chemours stock has lost 8.4% year to date through Tuesday, while the S&P 500 has dropped 19.1%.
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