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

Chemours Co

CIK: 1627223 Ticker: CC

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

 

 

Net Sales of $1.7 billion, up 36% year-over-year

 

Net Income of $214 million with EPS of $1.27, up $0.81 year-over-year

 

Adjusted Net Income* of $214 million with Adjusted EPS* of $1.27, up $0.80 year-over-year

 

Adjusted EBITDA* of $372 million, up 77% year-over-year, resulting in Free Cash Flow of $244 million

 

Repurchased $67 million of common stock during the quarter, repaid $108 million of debt principal, and funded $100 million escrow payment as per the MOU agreement

 

U.S. EPA established final rules for the phasedown of HFC refrigerants under the U.S. AIM Act designed to accelerate widespread use of climate friendly and energy efficient alternatives such as our low global warming potential Opteon™ solutions

 

On October 27, 2021, the company's Board of Directors approved a fourth quarter dividend of $0.25 per share, consistent with the prior quarter

 

2021 Revised Outlook

 

 

Adjusted EBITDA* between $1,300 million and $1,340 million, vs. prior guidance in the top-end of $1,100 million to $1,250 million range

 

Adjusted EPS* between ~$3.93 and $4.13 vs. prior guidance in the top-end of ~$2.84 to $3.56 range

 

Free Cash Flow* now expected to be greater than $500 million vs. prior outlook of greater than $450 million.  Capex guidance lowered to ~$325 million from ~$350 million previously, mainly driven by timing of projects  

 

“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)”


The following information was filed by Chemours Co (CC) on Thursday, November 4, 2021 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)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Schedule Of Components Of Accumulated Other Comprehensive Loss (Details)
Acquisitions And Divestitures
Acquisitions And Divestitures (Tables)
Acquisitions And Divestitures - Narrative (Details)
Acquisitions And Divestitures - Schedule Of Carrying Amounts Of Major Classes Of Assets And Liabilities Classified As Held For Sale (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 Environmental Remediation Liabilities (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 Accrued Litigation And Balance Sheet Locations (Parenthetical) (Details)
Commitments And Contingent Liabilities - Schedule Of Current And Long-Term Components Of Environmental Remediation Liabilities (Details)
Commitments And Contingent Liabilities - Schedule Of On-Site And Off-Site Components Of Accrued Environmental Remediation Liabilities Related To Pfas (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 - Schedule Of Debt Principal Maturities (Details)
Debt - Senior Secured Credit Facilities - Narrative (Details)
Debt - Senior Unsecured Notes - 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 Fair Value Of Financial Instruments (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 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)
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 (Loss) Before Income Taxes (Details)
Segment Information - Reconciliation Of Segment Adjusted Ebitda From Segments To Consolidated Net Income (Loss) 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)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Narrative (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Tables)
Supplemental Cash Flow Information - Reconciliation Of Cash, Cash Equivalents, Restricted Cash And Restricted Cash Equivalents (Details)
Ticker: CC
CIK: 1627223
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-21-054925
Submitted to the SEC: Fri Nov 05 2021 4:51:59 PM EST
Accepted by the SEC: Fri Nov 05 2021
Period: Thursday, September 30, 2021
Industry: Chemicals And Allied Products

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