The Chemours Company, Wilmington, reported higher earnings in the first quarter
Highlights
- Net Sales of $1.4 billion, up 10 percent year-over-year
- Net Income of $96 million.
- Adjusted Net Income of $120 million with Adjusted EPS* of $0.71
- Adjusted EBITDA of $268 million
- On April 29, the company’s board approved a second-quarter dividend of $0.25 per share, consistent with the prior quarter
2021 revised outlook
- Adjusted EBITDA between $1.10 and $1.25 billion, up $100 million at the midpoint vs. prior outlook
- Free Cash Flow now expected to be greater than $450 million, up $100 million vs. prior outlook
“We are off to a great start in 2021 as the broad economic recovery drove strong year-over-year and sequential volume growth across the majority of our portfolio, leading to the highest quarterly sales total in more than two years,” said Chemours CEO Mark Vergnano. “This outcome was achieved despite managing through supply chain challenges and operational headwinds, most notably from Winter Storm Uri. Looking ahead, our strong 1Q results and growing confidence in the outlook allows us to raise our 2021 full-year Adjusted EBITDA range by $100 million with free cash flow now expected to be greater than $450 million.”
The cost impact of Winter Storm Uri, excluding the impact of lost sales, on Adjusted EBITDA is $9 million, mostly in Thermal & Specialized Solutions.
Uri was the winter storm that primarily affected Chemours’ operations in Texas.
Chemours has its headquarters in Wilmington and a research and development center at the University of Delaware STAR Campus, Newark.
