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Chemours Co (CC) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Chemours Co

CIK: 1627223 Ticker: CC

EXHIBIT 99.1

 

The Chemours Company Reports Third Quarter 2020 Results

Disciplined Execution with Strong Free Cash Flow and Solid Financial Results

 

WILMINGTON, Del., November 3, 2020 /PRNewswire/ -- 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 2020.

 

Third Quarter 2020 Results & Highlights

 

 

Net Sales of $1.2 billion

 

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

 

Adjusted Net Income of $78 million, with Adjusted EPS of $0.47

 

Adjusted EBITDA of $210 million

 

Free Cash Flow of $252 million, a $92 million improvement from prior year

 

Repaid the $300 million outstanding revolving credit facility balance

 

On October 28th, the company’s Board of Directors approved a Q4 dividend of $0.25 per share, consistent with the prior quarter 

 

Advanced our Corporate Responsibility Commitment (CRC) with publication of our third CRC report

 

Update on COVID-19 Response Plan

 

 

All Chemours sites remain operational

 

Maintaining health and safety measures across our sites

 

On target to reduce FY 2020 costs by $160 million

 

On target to reduce FY 2020 CAPEX by approx. $125 million, from approx. $400 million to approx. $275 million

 

Preserving strong balance sheet, ample liquidity of $1.7 billion with no near-term senior debt maturities

 

"Our results in the third quarter demonstrate the progress we have made in executing our business plan and the steady recovery of the auto, architectural coatings and construction markets”, said Chemours President and CEO Mark Vergnano. “Despite the COVID-19 headwinds, we continue to deliver on our cash generation strategy which supports our strong balance sheet and liquidity position. We also released our third annual CRC Report – renewing our commitment to leading the industry and our peers on a broad spectrum of ESG targets.  This document remains foundational for the company, and a key component of our long-term strategy.”

 

Third quarter 2020 net sales were $1.2 billion in comparison to $1.4 billion in the prior-year third quarter. Results were driven by lower volumes in Fluoroproducts and Chemical Solutions and lower global average prices, partially offset by higher volumes in Titanium Technologies. Third quarter net income was $76 million, resulting in EPS of $0.46, equal to the prior year. Adjusted Net Income was $78 million, resulting in Adjusted EPS of $0.47, down $0.12 from the prior year, inclusive of a $10 million charge related to our Fayetteville facility. Adjusted EBITDA for the third quarter 2020 was $210 million in comparison to $248 million in the previous year third quarter, a result of lower volumes and prices, partially offset by stronger operational performance and lower cost on a year-over-year basis.  

 

Fluoroproducts
Fluoroproducts segment net sales in the third quarter were $533 million in comparison to $636 million in the prior year.  Volume and price declined 11 percent and 5 percent, respectively, on a year-over-year basis.  Volumes declined primarily due to demand weakness in fluoropolymer products, partially offset by nascent signs of market recovery led by increased customer demand for refrigerants, particularly in the automotive sector as original equipment manufacturers (OEMs) continued to improve production following shutdowns in the first and second quarters of 2020. Segment Adjusted EBITDA of $112 million decreased 8 percent versus the prior-year quarter, primarily due to lower net sales partially offset by better operational performance and cost reduction actions. Fluoroproducts segment net sales and Adjusted EBITDA in the third quarter were up 2 percent and 15 percent, respectively, on a sequential basis, primarily driven by early stages of recovery with sequential demand improvement and relative strength of demand from automotive OEMs.


 


The following information was filed by Chemours Co (CC) on Tuesday, November 3, 2020 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 (Unaudited)
Interim Consolidated Balance Sheets (Unaudited) (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)
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 - Schedule Of On-Site And Off-Site Components Of Accrued Environmental Remediation Liabilities Related To Pfas (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 Environmental Remediation Liabilities (Details)
Commitments And Contingent Liabilities - Schedule Of Current And Long-Term Components Of Accrued Environmental Remediation Liabilities And Balance Sheet Locations (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 Senior 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)
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 Fair Value Of Financial Instruments (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)
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 Segment 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 (Expense), Net
Other Income (Expense), Net (Tables)
Other Income (Expense), Net - Components Of Other Income (Expense) (Details)
Other Income (Expense), Net - Components Of Other Income (Expense) (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: 0001564590-20-050526
Submitted to the SEC: Wed Nov 04 2020 4:34:37 PM EST
Accepted by the SEC: Wed Nov 04 2020
Period: Wednesday, September 30, 2020
Industry: Chemicals And Allied Products

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