Why Chemours Stock Rallied as Much as 16% in Early Trading Today
Shares of Chemours (NYSE: CC), a specialty chemical maker, rose dramatically in early trading on May 3, gaining as much as 16% in the first half hour after Wall Street opened for the day. The big story was the company's first-quarter earnings update, which was released after the close on May 2. Investors clearly liked what they read.
Chemours reported sales of $1.8 billion in the first quarter of 2022, up 23% compared to the year-ago period. Although currency fluctuations were a slight headwind, management noted volume growth of 4% and a 25% improvement in pricing as key positives in the quarter. And while the company is facing some challenges in getting the products it needs to produce the chemicals it sells, management believes it is handling the issue well. Notably, the company's sales tally was more than 10% above analyst consensus estimates.
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Source Fool.com
