Chemours Co., a leading chemicals company, experienced a stock drop of over 4% in the extended session on Tuesday due to the postponement of its quarterly financial results. The company stated that it "needs additional time" to complete its year-end reporting process.
Initially scheduled to update Wall Street on its fourth quarter on Wednesday, with a conference call planned for Thursday, Chemours has rescheduled the earnings date to February 28th. The conference call will now take place on February 29th.
Alongside the delay, Chemours revealed that it is currently evaluating its financial reporting controls and that its audit committee requires more time to complete a related internal review.
Despite the delay, Chemours remains optimistic about its financial performance. Analysts' consensus, as per FactSet, expects the company to report earnings of 24 cents per share on revenue of $1.32 billion. It is worth noting that in the same period last year, Chemours reported break-even results on revenue of $1.34 billion.
Although the stock ended the regular trading day down 2.2%, it is important to consider that over the past 12 months, the stock has experienced a decline of 13%, in contrast to the gains of approximately 20% seen in the S&P 500 index.
In conclusion, Chemours Co.'s postponement of its quarterly financial results highlights the company's commitment to ensuring accurate and comprehensive reporting. The additional time taken will allow for a thorough evaluation of financial controls and internal review processes. Despite initial market response, analysts remain positive about Chemours' potential earnings and revenue for the period.
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