Why Chemours Stock Jumped 13% Today
Shares of specialty chemical company Chemours (NYSE: CC) jumped nearly 14% as trading opened for the day. Although they quickly settled down to a mid-single-digit gain by 10 a.m. EDT, the quick jump was clearly a reaction to the company's earnings, which were released after the close yesterday.
Chemours' top line fell slightly, going from $1.4 billion in the first quarter of 2019 to $1.3 billion in the same period of 2020. Although the company's titanium coatings business did well (sales were up 10% in the segment), its other two divisions (fluoroproducts and chemical solutions) saw year-over-year sales declines. One key factor in the quarter was pricing, which was weak across all of the business. Adjusted earnings per share, meanwhile, was up 13% year over year despite the headwinds. Margins improved across the company. All in, it was a solid quarter and investors reacted in an upbeat manner.
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Source Fool.com
