Chemours CEO says company on firm financial footing

DOVER, Del. (AP) — The CEO of Chemours is assuring investors that the chemical company is financially sound, despite a disappointing second quarter and a high-stakes lawsuit against former parent company DuPont.

Chemours lowered its full-year guidance Thursday as it reported net income of $96 million, or 57 cents per share, in the second quarter. That’s down about 66% from $281 million, or $1.53 per share, in last year’s second quarter.

CEO Mark Vergnano told The Associated Press on Friday that the decline was the result of “temporary” headwinds, and that Chemours is on “solid financial footing.”

Vergnano also said the lawsuit over the cost of environmental liabilities with which Chemours would be saddled when DuPont spun off its former performance chemicals unit in 2015 was not driven by any concerns about Chemours’ solvency.

Categories: National News