The Chemours Company CC announced that the Mitsubishi Electric Group’s Mitsubishi Electric Hydronics and IT Cooling Systems SpA (MEHITS) has selected its low global warming potential (GWP) refrigerant — Opteon XL41 (R-454B) — for multi-scroll platform, produced in Europe. Also, MEHITS chose Opteon XP10 (R-513A) for screw and centrifugal oil free platform.
The move is part of environmental initiative that will provide sustainable, efficient and long-term solutions for the chiller market ahead of the next 2021 European F-gas cap phase down.
Opteon XL41 is an A2L class refrigerant as it offers the lowest GWP replacement solution. MEHITS selected the refrigerant at a GWP of only 466 for R-410A. Notably, it reduces CO2 emissions by roughly 80% compared with R-410A and provides improved energy efficiency, identical capacity along with design compatibility.
Moreover, Opteon XP10 (R-513A) is a non-flammable A1 azeotropic refrigerant, which makes it an ideal replacement for MEHITS at 50% less GWP compared with R-134a.
Chemours’ shares have plunged around 54.8% in the past year compared with 30.9% decline of the industry.
Chemours’ adjusted earnings came in at 63 cents per share in the first quarter of 2019, which lagged the Zacks Consensus Estimate of 93 cents.
The company anticipates TiO2 markets to stabilize in the second half of 2019. It expects demand for Ti-Pure pigment to return to more normalized levels based on improving underlying market conditions in the second half. The company is committed to execute its strategy including the installation of the Ti-Pure Value Stabilization framework across its entire customer base and driving the adoption of Opteon.
Zacks Rank & Key Picks
Chemours currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Materion Corporation MTRN, Fortescue Metals Group Ltd. FSUGY and AngloGold Ashanti Limited AU, all currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Materion has an expected earnings growth rate of 23.1% for 2019. The company’s shares have gained 18.4% in the past year.
Fortescue Metals has an impressive projected earnings growth rate of 101.5% for the current year. The company’s shares have surged 69.2% in a year’s time.
AngloGold has an estimated earnings growth rate of 86.8% for the current year. Its shares have rallied 37.3% in the past year.
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