Chemours Co. stock rose 1% in the extended session Monday after the maker of Teflon and other compounds reported a mixed fiscal 2020 first quarter and said it was reducing costs and capital expenditures. Chemours said it earned $100 million, or 61 cents a share, in the quarter, compared with 55 cents a share in the fiscal 2019 first quarter. Adjusted for one-time items, Chemours earned 71 cents a share. Sales fell to $1.3 billion, from $1.4 billion a year ago, as higher volume in its titanium technologies business was offset by lower volume and lower average prices elsewhere, Chemours said. Analysts polled by FactSet had expected an adjusted EPS of 63 cents a share on sales of $1.4 billion. The company also withdrew its full-year guidance, saying it was “quickly taking steps to best weather the current conditions, including protocols to safeguard the health and well-being of our employees as COVID-19 runs its course.” Those include launching a program to reduce fiscal 2020 costs by $160 million, and reducing fiscal 2020 capita expenditures by $125 million, from $400 million to $275 million, it said. Chemours shares ended the regular trading day up 2.7%.
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