The Chemours Company CC recently reported that Glyclean hard surface cleaner has been approved by U.S. Environmental Protection Agency (EPA) for use against Sars-Cov-2, the virus that causes COVID-19.
Glyclean AM is designed for use in various hard surface cleaning and disinfecting formulations. Moreover, it can also help prevent the spread of coronavirus.
Notably, Glyclean AM is based upon glycolic acid. Hence, it may be utilized as an active ingredient in the formulations of liquid-based disinfectants for use on hard and non-porous surfaces. Moreover, Glyclean can cater to the unique cleaning needs of hospitals, homes and other high-touch, high-traffic facilities with immovable hard surfaces requiring on-site cleaning.
EPA has also registered several other Chemours product formulations that use Glyclean AM including Glyclean Pine Cleaner and Glyclean Bowl Cleaner.
Per management, the company is working closely with customers to ensure that it offers products necessary for slowing and limiting the spread of the coronavirus.
Chemours’ shares have lost 37.2% in the past year compared with the industry’s decline of 18.5%.
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On its first-quarter earnings call, the company stated that it withdrew guidance for 2020 due to uncertainties stemming from the coronavirus outbreak.
Moreover, Chemours announced that it is taking actions to cut costs by reducing overhead, discretionary spend and capital expenditure for 2020. Notably, the company reduced capital expenditure from $400 million to $275 million for 2020. Further, it launched a program to lower costs by $160 million for 2020 to enhance financial flexibility.
The Chemours Company Price and Consensus
Zacks Rank & Stocks to Consider
The company currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked companies in the basic materials space are AngloGold Ashanti Limited AU, Barrick Gold Corporation GOLD and Harmony Gold Mining Company Limited HMY.
AngloGold has a projected earnings growth rate of 109.9% for the current year. The company’s shares have surged around 62% in a year. It currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Barrick has a projected earnings growth rate of 54.9% for the current year. The company’s shares have rallied around 62% in a year. It currently has a Zacks Rank #2.
Harmony Gold has an expected earnings growth rate of 28.6% for 2020. The company’s shares have gained 63% in the past year. It presently carries a Zacks Rank #2.
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