The Chemours Company reported higher earnings in the second quarter.
Highlights
- Record sales of $1.9 billion, up 16% year-over-year, including record net sales in all three segments
- Net Income of $201 million with EPS of $1.26, up $0.87 year-over-year.
- Adjusted Net Income of $302 million with Adjusted earnings per share of $1.89, up $0.69 year-over-year
- Adjusted earnings before taxes and other expenses of $475 million, up 30% year-over-year
- Strong global demand for our refrigerants and higher value, differentiated polymer products.
- Free cash flow of $229 million, up 21% year-over-year
- Now targeting the high end of our full-year Adjusted EBITDA guidance range of $1.475 billion to $1.575 billion and increasing our Free Cash Flow outlook to greater than $600 million
- Announced Corpus Christi, Texas plant expansion to support demand for low GWP Opteon refrigerants
“The second quarter’s results demonstrate the strength of our highly focused portfolio,” said Mark Newman CEO. “We achieved record-setting performances in TSS (Thermal & Specialized Solutions) and APM (Advanced Performance Materials), and our results in these two segments are a testament to their long-term secular growth potential. In TT (Titanium Technologies), we continued to meet customer commitments despite challenging logistics conditions, and I am proud of the team’s efforts to serve our customers despite being more constrained. The long-term growth prospects and earnings quality of the company remain strong in the face of challenging global macroeconomic conditions.”
Chemours is headquartered in Wilmington and has an R&D center in Newark.
