Chemours Co (CC) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

EXHIBIT 99.1

The Chemours Company Reports Strong Third Quarter Results and

Increases Full-Year 2021 Outlook

Market strength and operational excellence drove strong quarterly performance, raising outlook as confidence builds

Wilmington, Del., November 4, 2021 -- The Chemours Company (“Chemours”) (NYSE: CC), a global chemistry company with leading market positions in Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions today announces its financial results for the third quarter 2021.

Third Quarter 2021 Results & Highlights

2021 Revised Outlook

“The Chemours team continues to demonstrate resilience along with a renewed focus on sustainable growth of our key businesses. We have met every challenge head on, continue to prioritize and serve our customers, and uphold our commitments to all stakeholders despite the difficult operating environment,” said Chemours President and CEO Mark Newman. “Our strong top line, bottom line and cash results in the quarter demonstrate the strength of this business and the progress we are making towards better quality of earnings and higher shareholder returns. I am confident that we have the right business strategies, an inspired group of leaders and empowered employees to consistently deliver across cycles and over time.”  

Third quarter 2021 Net Sales were $1.7 billion, 36% higher than the prior-year quarter. 25% volume growth was the primary driver of the better year-over-year sales performance with positive contributions from every segment. 11% higher pricing and 1% favorable currency translation more than offset a 1% portfolio impact stemming from the exit of our Aniline business in the fourth quarter 2020. The 2% sequential sales improvement was driven primarily by strengthening pricing trends across the portfolio. Volume declined 2% quarter-over-quarter as strong market demand in most product categories was offset by certain customer production constraints, raw material availability, and typical seasonal factors across different parts of the portfolio.  

Third quarter Net Income was $214 million, or $1.27 of EPS. Adjusted Net Income was $214 million. Adjusted EPS was $1.27, up $0.80 vs. the prior-year quarter. Adjusted EBITDA for the third quarter 2021 was $372 million in comparison to $210 million in the prior-year third quarter, a result of higher volume, pricing and a favorable currency impact, partially offset by incremental cost headwinds associated with higher plant fixed costs to increase production to meet higher demand, raw material inflation, and higher performance-related compensation expense.

* For information on our non-GAAP measures, please refer to the attached “Reconciliation of GAAP Financial Measures to non-GAAP Financial Measures (Unaudited)”