Oct 25 (Reuters) - Chemours Co on Tuesday beat Wall Street estimates for third-quarter profit and revenue as raised prices for its specialty and industrial chemicals helped the company offset higher costs, sending its shares up about 3% in extended trading.
Chemicals makers have been looking at measures to beat soaring energy and raw material costs as well as a slower-than-expected demand recovery in Europe and Asia. Last week, larger rival Dow Inc outlined plans to cut costs by $1 billion next year.
"Our Thermal & Specialized Solutions (TSS) and Advanced Performance Materials (APM) segments continued to deliver strong results despite macroeconomic headwinds and are both poised to set full-year records," said Mark Newman, president and chief executive officer at Chemours.
Last month, Chemours cut its full-year forecast for adjusted earnings, citing low demand and higher costs mainly in its TT segment.
Sales at its TSS segment, which produces refrigerants, propellants and other specialty chemicals, jumped 31% in the three months ended Sept. 30 and that at its APM segment, which makes components used in semi-conductor manufacturing, increased 26%.
Chemours' revenue from its largest segment Titanium Technologies - which produces the titanium dioxide pigment used in coatings, plastics, and laminates - fell about 3% to $877 million in the quarter.
The company's quarterly net income stood at $240 million, or $1.52 per share, compared with $214 million, or $1.27 per share, a year earlier.
Excluding items, the company earned $1.24 per share, beating analysts' consensus of $1.04 per share, as per Refinitiv data.
Net revenue rose 5.8% to $1.78 billion, which also beat analysts' expectation of $1.68 billion, driven by 18% higher quarterly pricing. (Reporting by Ankit Kumar; additional reporting by Ruhi Soni; Editing by Shinjini Ganguli)
