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Chemours Co (CC) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Chemours Co

CIK: 1627223 Ticker: CC

EXHIBIT 99.1

 

 

 

 

The Chemours Company Reports Third Quarter 2019 Results

Committed to Core Growth Strategy and Managing Uncertain Macroeconomic Conditions

 

WILMINGTON, Del., Nov. 4, 2019 /PRNewswire/ --

 

Third Quarter 2019 Results

 

 

Net Sales of $1.4 billion

 

Net Income of $76 million, with diluted EPS of $0.46

 

Adjusted Net Income of $98 million, with diluted Adjusted EPS of $0.59

 

Adjusted EBITDA of $248 million

 

Free Cash Flow of $160 million

 

Other Highlights

 

 

Published our second annual Corporate Responsibility Commitment (CRC) report

 

Announced the launch of a new Ti-Pure™ product for the high-quality, specialty ink market

 

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 third quarter 2019.

 

"Our results in the third quarter reflect a weakening macro-economic environment that had an adverse impact on performance across the business," said Chemours President and CEO Mark Vergnano.  "Despite that, we continue to make progress on our core business imperatives, including Ti-Pure™ value stabilization, Opteon™ adoption, and Fluoropolymers application development. As part of our ongoing efforts to improve operating efficiencies, we are making several restructuring and portfolio changes across Chemours, including the shutdown of our Methylamines and Methylamides business."

 

Third quarter 2019 net sales were $1.4 billion in comparison to $1.6 billion in the prior-year quarter.  Results were driven primarily by lower volume in Titanium Technologies and lower volume and price in Fluoroproducts, resulting in a 15 percent decrease in net sales. Currency was a small headwind in the quarter. Third quarter net income was $76 million, or $0.46 per diluted share, inclusive of restructuring, asset related, and other charges of $34 million. Adjusted EBITDA for the third quarter 2019 was $248 million in comparison to $435 million in the previous year's third quarter, a result of lower volumes and fixed cost under-absorption in Titanium Technologies, lower margins in Fluoroproducts, and reduced F-Gas quota sales. 

 

Fluoroproducts
Fluoroproducts segment net sales in the third quarter were $636 million in comparison to $682 million in the prior-year quarter. The continued impact of illegal imports of HFC refrigerants into the EU, softer base refrigerants demand, and macro-economic weakness more than offset the positive impact of adoption of Opteon™ mobile refrigerants and the increased sales of high-grade Fluoropolymers. Price and volume declined 4 percent and 2 percent, respectively, on a year-over-year basis. Segment Adjusted EBITDA of $122 million decreased 33 percent versus the prior-year quarter, primarily due to lower net sales and lower F-Gas quota sales.

 

Chemical Solutions
Chemical Solutions segment net sales in the third quarter were $140 million in comparison to $155 million in the prior-year quarter. Prices were lower year-over-year primarily driven by mix and lower cost pass-throughs in Performance Chemicals and Intermediates. Third quarter 2019 segment Adjusted EBITDA of $23 million decreased 4 percent versus the prior-year quarter, reflecting price headwinds partially offset by increased other income from licensing agreements.


 


The following information was filed by Chemours Co (CC) on Monday, November 4, 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)
Interim Consolidated Statements Of Stockholders' Equity (Unaudited) (Parenthetical)
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)
Acquisitions And Divestitures
Acquisitions And Divestitures - Narrative (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 (Tables)
Commitments And Contingent Liabilities - Environmental - Narrative (Details)
Commitments And Contingent Liabilities - Litigation - Narrative (Details)
Commitments And Contingent Liabilities - Schedule Of Components Of Accrued Litigation (Details)
Commitments And Contingent Liabilities - Schedule Of Components Of Accrued Litigation (Parenthetical) (Details)
Commitments And Contingent Liabilities - Schedule Of Components Of Environmental Remediation Liabilities (Details)
Commitments And Contingent Liabilities - Schedule Of Components Of Environmental Remediation Liabilities (Parenthetical) (Details)
Commitments And Contingent Liabilities - Schedule Of Current And Long-Term Components Of Accrued Litigation And Balance Sheet Locations (Details)
Commitments And Contingent Liabilities - Schedule Of Current And Long-Term Components Of Environmental Remediation Liabilites And Balance Sheet Locations (Details)
Debt
Debt (Tables)
Debt - Accounts Receivable Securitization Facility - Narrative (Details)
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 - Other - Narrative (Details)
Debt - Schedule Of Contractual 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 Cash Flows (Details) (Parenthetical)
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 And Product Group (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 - Narrative (Details)
Segment Information - Reconciliation Of Segment Adjusted Ebitda From Segments To Consolidated Net Income Before Income Taxes (Details)
Segment Information - Reconciliation Of Segment Adjusted Ebitda From Segments To Consolidated Net Income Before Income Taxes (Parenthetical) (Details)
Segment Information - Schedule Of Segment Information (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Weighted Average Assumptions Of Stock Option (Details)
Ticker: CC
CIK: 1627223
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-040478
Submitted to the SEC: Tue Nov 05 2019 12:11:39 PM EST
Accepted by the SEC: Tue Nov 05 2019
Period: Monday, September 30, 2019
Industry: Chemicals And Allied Products

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