Fluoroelastomer Specialists
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 fourth quarter and full year 2021.
Full Year 2021 Results
- Net Sales of $6.3 billion, up 28% year-over-year
- Net Income of $608 million with EPS1 of $3.60, up $2.28 year-over-year
- Adjusted Net Income* of $674 million with Adjusted EPS* of $4.00, up $2.02 year-over-year
- Adjusted EBITDA* of $1,313 million, up 49% year-over-year
- Free Cash Flow* of $543 million
- Repurchased $173 million of stock, including $93 million in Q4, and reduced debt by $204 million
Fourth Quarter 2021 Results & Highlights
- Net Sales of $1.6 billion, up 18% year-over-year
- Net Income of $233 million with EPS of $1.40, up $1.29 year-over-year
- Adjusted Net Income* of $135 million with Adjusted EPS* of $0.81, up $0.20 year-over-year
- Adjusted EBITDA* of $307 million, up 25% year-over-year
- On February 9, 2022, the company’s Board of Directors approved a first quarter dividend of $0.25 per share
- Launched ChemFEST school partnership to expand commitment to early STEM education in our communities
- Completed the sale of Mining Solutions for $521 million2
Full Year 2022 Outlook
- Adjusted EBITDA* between $1.3 billion and $1.425 billion, up 8% from FY2021 at the midpoint, after considering the divestiture of Mining Solutions in 20212
- Adjusted EPS* between ~$4.07 and $4.70
- Free Cash Flow* of greater than $500 million, including CAPEX of ~$400 million
- Anticipate completing the remainder of our share repurchase authorization in mid-20223
“I’m extremely proud of the results our teams around the world delivered, despite the challenges and uncertainties of 2021. Consistently, in the face of demanding circumstances, we continue to meet our commitments to customers, supply chain partners, and the communities in which we operate while delivering on our financial goals,” said Chemours President and CEO Mark Newman. “I want to thank all 6,400 of our employees for their continued commitment to excellence, our customers for their loyalty, and our global leadership team for pushing us all to greater heights. Building on a firm foundation, I am excited to lead us into the next chapter of our company – ‘Chemours 2.0’ – as we look to realize the full potential of our businesses. I look forward to beginning this journey by engaging even more deeply with all of our stakeholders in early 2022.”
2021 Net Sales were $6.3 billion, up 28%, or $1.4 billion, from 2020. Net Sales rose on a year-over-year basis as global demand recovered from 2020 pandemic lows.
2021 Net Income of $608 million resulted in EPS of $3.60. Adjusted Net Income rose 105% to $674 million, while Adjusted EPS rose $2.02 to $4.00 for the full year. Adjusted EBITDA for 2021 was $1,313 million, up 49% from 2020. Free cash flow was $543 million, demonstrating the ability of the company to convert earnings to cash consistently across economic cycles.
Fourth quarter 2021 Net Sales were $1.6 billion, 18% higher than the prior-year quarter. Volume and price were positive contributors to the improved results on a year-over-year basis.
Fourth quarter Net Income was $233 million, resulting in EPS of $1.40. Adjusted Net Income was $135 million. Adjusted EPS was $0.81, up $0.20 vs. the prior-year quarter. Adjusted EBITDA for the fourth quarter 2021 was $307 million in comparison to $246 million in the prior-year fourth quarter, a result of higher pricing offset partially by lower volumes and cost headwinds related to raw material cost inflation and logistics. Currency was a slight headwind in the quarter.
