The Chemours Company reported a sharp increase in earnings for the fourth quarter and the whole year as the key titanium business roared back.
Chemours has its headquarters in Wilmington and a research and development center in Newark.
2021 results
- Net Sales of $6.3 billion, up 28% year-over-year
- Net Income of $608 million.
- Adjusted Net Income of $674 million.
- Adjusted EBITDA (earnings before taxes and other expenses) of $1,313 million, up 49% year-over-year
- Free cash flow of $543 million
- Repurchased $173 million of stock, including $93 million in Q4, and reduced debt by $204 million
Fourth-quarter 2021
- Net Sales of $1.6 billion, up 18% year-over-year
- Net Income of $233 million, up $1.29 year-over-year
- Adjusted Net Income of $135 million.
- Adjusted EBITDA of $307 million, up 25% year-over-year
- Approved a first quarter dividend of $0.25 a share
- Completed the sale of Mining Solutions for $521 million
The full Year 2022 Outlook
- Adjusted EBITDA between $1.3 billion and $1.425 billion, up 8% from FY2021 at the midpoint, after considering the divestiture of Mining Solutions in 2021
- Earnings per share – $4.07 and $4.70
- Free Cash Flow of greater than $500 million.
“I’m extremely proud of the results our teams around the world delivered, despite the challenges and uncertainties of 2021. Consistently, in the face of demanding circumstances, we continue to meet our commitments to customers, supply chain partners, and the communities in which we operate while delivering on our financial goals,” said Chemours CEO Mark Newman. “I want to thank all 6,400 of our employees for their continued commitment to excellence, our customers for their loyalty, and our global leadership team for pushing us all to greater heights. Building on a firm foundation, I am excited to lead us into the next chapter of our company – ‘Chemours 2.0’ – as we look to realize the full potential of our businesses. I look forward to beginning this journey by engaging even more deeply with all of our stakeholders in early 2022.”
Titanium Technologies
Titanium Technologies segment Net Sales for the full year were $3.4 billion, up 40%, from the full year 2020 as demand recovered across all end markets and geographies from pandemic levels.
Thermal & Specialized Solutions
Thermal & Specialized Solutions segment sales for the full year 2021 were $1.3 billion, up 14%, from 2020, driven by improved demand across most refrigerant markets and geographies, partially offset by auto issues related to semiconductor shortages.
Advanced Performance Materials –
2021 sales of $1.4 billion up 27%, from 2020 for the segment that serves electronics and clean energy markets.
Chemical Solutions
2021 sales of $336 million declined 6% from $358 million in 2020. The mining business (cyanide) was sold.
