Chemours Co.’s stock dropped more than 4% in the extended session Tuesday after the chemicals company delayed its quarterly financial results, saying it “needs additional time.”
Chemours
CC,
was scheduled to update Wall Street on its fourth quarter on Wednesday, with a conference call with analysts slated for Thursday.
Chemours moved the earnings date to Feb. 28 after the close and moved the conference call for Feb. 29.
Chemours said the delays happened because it “needs additional time to complete its year-end reporting process.”
Chemous added that it is “evaluating” its financial reporting controls and that its audit committee “also needs additional time to complete a related internal review.”
Shares of Chemours ended the regular trading day down 2.2%. In the past 12 months, the stock is down 13%, contrasting with gains of around 20% for the S&P 500 index
SPX.
FactSet consensus calls for Chemours to report earnings of 24 cents a share on revenue of $1.32 billion. That would compare with a break-even fourth quarter of 2022 on revenue of $1.34 billion at that time.
