Here's Why Chemours Co. Dropped as Much as 12.1% Today
Shares of Chemours Co. (NYSE: CC) fell over 12% this morning after the company announced third-quarter 2017 financial results yesterday. It reported $1.59 billion in quarterly revenue, which matched Wall Street estimates, and $1.12 in adjusted earnings per share, which handedly beat analyst expectations of just $1.01 for quarterly earnings. So, why is Mr. Market so mopey?
Despite the relatively strong performance through the first nine months of the year, management only reaffirmed the full-year 2017 outlook for adjusted EBITDA, expected to be $1.3 billion to $1.4 billion. Apparently, Wall Street was hoping for the company to increase its guidance. As of 11:48 a.m. EDT, the stock had settled to a 9.2% loss.
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Source: Fool.com
