Chemours (CC), DuPont & Corteva Back U.S. Water System Deal
The Chemours Company CC, DuPont de Nemours Inc. DD and Corteva assured their continued support for the Jun 30, 2023, agreement to address PFAS-related drinking water claims of a defined class of public water systems holistically.
On Dec 20, the notice administrator in the South Carolina aqueous film-forming foam multi-district litigation requested an extension until Jan 3, 2024, to file the list of public water systems that have opted out of the settlement class with the U.S. District Court for the district of South Carolina.
Per the agreement, the companies could elect for their walk-away rights by the number of class opt outs, up until this point. Chemours, DuPont and Corteva stated that they have enough knowledge of the process, and do not intend to exercise the walk-out option and extend support to PFAS Deal with the U.S. Water System.
On Dec 7, 2023, the court issued an order permitting water systems that chose to opt out of the settlement to rejoin the settlement class until Mar 1, 2024. The court convened a fairness hearing on final approval of the settlement on Dec 14, 2023. The companies await the court's final order and support final approval.
Shares of Chemours have risen 8.1% over the past year against a 3.4% decline of its industry.
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The company, on its third-quarter call, updated its adjusted EBITDA guidance for 2023, expecting between $1.025 billion and $1.075 billion, down from its prior guidance of $1.100-$1.175 billion. It also sees adjusted free cash flow of more than $225 million, including about $400 million in capital expenditures.
The Chemours Company Price and Consensus
The Chemours Company price-consensus-chart | The Chemours Company Quote
Zacks Rank & Key Picks
Chemours currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Denison Mines Corp. DNN and Axalta Coating Systems Ltd. AXTA.
Denison Mines has a projected earnings growth rate of 100% for the current year. It currently sports a Zacks Rank #1 (Strong Buy). DNN delivered a trailing four-quarter earnings surprise of 225%, on average. The stock has risen around 54.4% in a year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Axalta has a projected earnings growth rate of 5.4% for the current year. It currently flaunts a Zacks Rank #1. AXTA delivered a trailing four-quarter earnings surprise of 6.7%, on average. The stock has risen around 32.1% in a year.
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DuPont de Nemours, Inc. (DD) : Free Stock Analysis Report
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