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Chemours Co (CC) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Chemours Co

CIK: 1627223 Ticker: CC

EXHIBIT 99.1

 

 

 

 

The Chemours Company Reports First Quarter 2019 Results

Continuing to Aggressively Return Capital to Shareholders

 

WILMINGTON, Del., May 2, 2019 /PRNewswire/ --

 

First Quarter 2019 Highlights

 

 

Net Sales of $1.4 billion

 

Net Income of $94 million, with EPS of $0.55

 

Adjusted Net Income of $109 million, with Adjusted EPS of $0.63

 

Adjusted EBITDA of $262 million

 

Returned $261 million to shareholders through share repurchases 

 

The Chemours Company (Chemours) (NYSE: CC), a global chemistry company with leading market positions in Fluoroproducts, Chemical Solutions and Titanium Technologies, today announced its financial results for the first quarter 2019.

 

"Our results in Q1 were consistent with our expectations for a slower start to 2019," said Chemours President and CEO Mark Vergnano. "Our performance reflects the combination of lower volumes in our Titanium Technologies segment, the impact of illegal imports on our refrigerants business in Europe, and increased costs related to operating issues, including the startup of our Corpus Christi Opteon™ facility. These headwinds have offset the continued adoption of Opteon™ refrigerants globally, as well as application development wins in Fluoropolymers. Our teams are working hard to improve performance and we remain focused on maximizing the value of our three best-in-class chemicals platforms. We remain firm in our commitment to return the majority of our free cash flow to shareholders, as evidenced by the $261 million of share repurchases in the first quarter."

 

First quarter 2019 net sales were $1.4 billion in comparison to $1.7 billion in the record, prior-year quarter. Results were driven primarily by lower volume in Titanium Technologies, resulting in a 20 percent decrease in net sales, partially offset by a 1 percent increase in global average prices across all segments. Currency was a small headwind in the quarter. First quarter net income was $94 million, or $0.55 per diluted share, inclusive of a $27 million charge related to our Fayetteville facility. Adjusted EBITDA for the first quarter 2019 was $262 million in comparison to $468 million in the previous year's record first quarter, a result of lower volumes and increased costs year-over-year.

 

Fluoroproducts
Fluoroproducts segment net sales in the first quarter were $687 million in comparison to $732 million in the prior-year quarter. Illegal imports of stationary refrigerants into the European Union, softer base refrigerant demand in North America, and supply constraints in Fluoropolymers more than offset higher demand for Opteon™ mobile refrigerants, resulting in a volume decline versus last year's first quarter. Price was stable on a year-over-year basis. Segment Adjusted EBITDA of $159 million decreased 23 percent versus the prior-year quarter, due to lower net sales and higher than anticipated costs related to operating issues, including the startup of the Corpus Christi Opteon™ facility.

 

Chemical Solutions
In the first quarter 2019, Chemical Solutions segment net sales were $134 million, a 7 percent decrease versus the prior-year quarter. Volumes were lower year-over-year driven by reduced sales in Performance Chemicals and Intermediates. Higher average price was realized as a result of previously communicated price announcements. First quarter 2019 segment Adjusted EBITDA was $15 million in comparison to $11 million in the prior-year quarter, reflecting strong demand in Mining Solutions.

 

Titanium Technologies
Titanium Technologies segment net sales in the first quarter were $555 million versus $854 million in the prior-year quarter. This decrease was a result of lower volumes of Ti-Pure™ titanium dioxide driven by a combination of weak demand and expected market share loss as we continue the implementation of our Ti-Pure™ Value Stabilization strategy. Global average selling prices were stable in comparison to last year's first quarter and sequentially against the fourth quarter of 2018.  Segment Adjusted EBITDA was $126 million, in comparison to $294 million in last year's record first quarter. Results were driven mainly by lower volume and higher unit costs for Ti-Pure™ titanium dioxide.

 


The following information was filed by Chemours Co (CC) on Thursday, May 2, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Chemours Co's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Interim Consolidated Balance Sheets
Interim Consolidated Balance Sheets (Parenthetical)
Interim Consolidated Statements Of Cash Flows (Unaudited)
Interim Consolidated Statements Of Comprehensive Income (Unaudited)
Interim Consolidated Statements Of Operations (Unaudited)
Interim Consolidated Statements Of Stockholders' Equity (Unaudited)
Accounts And Notes Receivable, Net
Accounts And Notes Receivable, Net (Tables)
Accounts And Notes Receivable, Net - (Narrative) (Details)
Accounts And Notes Receivable, Net - Schedule Of Accounts And Notes Receivable (Details)
Accounts And Notes Receivable, Net - Schedule Of Accounts And Notes Receivable (Parenthetical) (Details)
Accounts Payable
Accounts Payable (Tables)
Accounts Payable - Schedule Of Accounts Payable (Details)
Background, Description Of The Business And Basis Of Presentation
Background, Description Of The Business, And Basis Of Presentation - Narrative (Details)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities - Environmental - Narrative (Details)
Commitments And Contingent Liabilities - Litigation - Narrative (Details)
Debt
Debt (Tables)
Debt - Components Of Debt (Details)
Debt - Components Of Debt (Parenthetical) (Details)
Debt - Estimated Fair Values Of Senior Debt Issues (Details)
Debt - Estimated Fair Values Of Senior Debt Issues (Parenthetical) (Details)
Debt - Maturities And Fair Value - Narrative (Details)
Debt - Schedule Of Debt Principal Maturities (Details)
Debt - Senior Secured Credit Facilities - Narrative (Details)
Earnings Per Share Of Common Stock
Earnings Per Share Of Common Stock (Tables)
Earnings Per Share Of Common Stock - Schedule Of Anti-Dilutive Securities Excluded From Computation Of Earnings Per Share (Details)
Earnings Per Share Of Common Stock - Schedule Of Earnings Per Share, Basic And Diluted (Details)
Equity
Equity - Narrative (Details)
Financial Instruments
Financial Instruments (Tables)
Financial Instruments - Narrative (Details)
Financial Instruments - Schedule Of Derivative Assets And Liabilities At Fair Value (Details)
Financial Instruments - Schedule Of Pre-Tax Charge The Fair Value Of Derivative Assets And Liabilities (Details)
Guarantor Condensed Consolidating Financial Information
Guarantor Condensed Consolidating Financial Information (Tables)
Guarantor Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Details)
Guarantor Condensed Consolidating Financial Information - Condensed Consolidating Statements Of Cash Flows (Details)
Guarantor Condensed Consolidating Financial Information - Condensed Consolidating Statements Of Comprehensive Income (Details)
Guarantor Condensed Consolidating Financial Information - Narrative (Details)
Income Taxes
Income Taxes - Narrative (Details)
Inventories
Inventories (Tables)
Inventories - Narrative (Details)
Inventories - Schedule Of Inventories (Details)
Investments In Affiliates
Investments In Affiliates - Narrative (Details)
Leases
Leases (Tables)
Leases - Build-To-Suit Lease Obligation - Narrative (Details)
Leases - Narrative (Details)
Leases - Schedule Of Cash Flows Related To Company's Leases (Details)
Leases - Schedule Of Company's Lease Liabilities' Maturities For Next Five Years And Thereafter (Details)
Leases - Schedule Of Company's Lease Liabilities' Maturities For Next Five Years And Thereafter Under Previous Lease Accounting Standard (Details)
Leases - Schedule Of Components Of Company's Lease Cost (Details)
Leases - Schedule Of Lease Assets And Lease Liabilities And Their Balance Sheet Location (Details)
Leases - Schedule Of Weighted-Average Term And Weighted-Average Discount Rate For Company's Leases (Details)
Long-Term Employee Benefits
Long-Term Employee Benefits (Narrative) (Details)
Long-Term Employee Benefits (Schedule Of Net Periodic Pension (Cost) Income And Amounts Recognized In Other Comprehensive Income (Details)
Long-Term Employee Benefits (Tables)
Net Sales
Net Sales (Tables)
Net Sales - Narrative (Details)
Net Sales - Narrative (Details1)
Net Sales - Summary Of Contract Balances From Contracts With Customers (Details)
Net Sales - Summary Of Contract Balances From Contracts With Customers (Parenthetical) (Details)
Net Sales - Summary Of Disaggregation Of Net Sales By Geographical Region, Product Group, And Segment (Details)
Other Accrued Liabilities
Other Accrued Liabilities (Tables)
Other Accrued Liabilities - Schedule Of Other Accrued Liabilities (Details)
Other Assets
Other Assets (Tables)
Other Assets - Schedule Of Other Assets - (Details)
Other Income, Net
Other Income, Net (Tables)
Other Income, Net - Components Of Other Income (Details)
Other Income, Net - Components Of Other Income (Parenthetical) (Details)
Other Liabilities
Other Liabilities (Tables)
Other Liabilities - Schedule Of Other Liabilities (Details)
Other Liabilities - Schedule Of Other Liabilities (Parenthetical) (Details)
Property, Plant, And Equipment, Net
Property, Plant, And Equipment, Net (Tables)
Property, Plant, And Equipment, Net - Narrative (Details)
Property, Plant, And Equipment, Net - Summary Of Property, Plant, And Equipment, Net (Details)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Policies)
Recent Accounting Pronouncements - Narrative (Details)
Restructuring, Asset-Related, And Other Charges
Restructuring, Asset-Related, And Other Charges (Tables)
Restructuring, Asset-Related, And Other Charges - Narrative (Details)
Restructuring, Asset-Related, And Other Charges - Restructuring Program Schedule (Details)
Restructuring, Asset-Related, And Other Charges - Schedule Of Restructuring Program (Details)
Restructuring, Asset-Related, And Other Charges - Schedule Of Restructuring Programs To Segment (Details)
Segment Information
Segment Information (Tables)
Segment Information - Reconciliation Of Ebitda From Segments To Consolidated Net Income Before Income Taxes (Details)
Segment Information - Reconciliation Of Ebitda From Segments To Consolidated Net Income Before Income Taxes (Parenthetical) (Details)
Segment Information - Schedule Of Segment Information (Details)
Significant Transaction
Significant Transaction - Narrative (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Weighted Average Assumptions Of Stock Option (Details)
Subsequent Event
Subsequent Event - Narrative (Details)
Ticker: CC
CIK: 1627223
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-015642
Submitted to the SEC: Fri May 03 2019 10:37:04 AM EST
Accepted by the SEC: Fri May 03 2019
Period: Sunday, March 31, 2019
Industry: Chemicals And Allied Products

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