WILMINGTON, Del., May 2, 2016 /PRNewswire/ --
First Quarter 2016 Highlights
- Net sales of $1.3 billion
- Adjusted EBITDA of $128
million
- Adjusted Net Income of $11
million, or $0.06 per diluted
share
- Net Income of $51 million, or
$0.28 per diluted share, including
$89 million gain on sale of Beaumont
aniline facility, interest expense of $57
million and restructuring costs of $17 million
Other Highlights
- Continued to build liquidity through working capital
productivity, asset sale proceeds and the DuPont prepayment,
resulting in cash balance of $435
million
- Signed definitive agreement to sell Clean & Disinfect
(C&D) business to LANXESS for $230
million
- Announced decision to begin investment in next increment of
Opteon™ capacity using world-class technology to support growing
demand beyond 2018
The Chemours Company (Chemours) (NYSE: CC), a global chemistry
company with leading market positions in titanium technologies,
fluoroproducts and chemical solutions, announced financial results
for the first quarter 2016.
Chemours President and CEO Mark
Vergnano said, "Our first quarter performance was a solid
start to 2016 as we continue to execute on all aspects of our
transformation plan—reducing cost, growing market positions,
optimizing our portfolio, enhancing our organization and refocusing
investments. We realized over $40
million of transformation plan savings in the first quarter,
and we continue to have line of sight to $200 million of savings in 2016. Demand for
Opteon™ grew significantly as automotive manufacturers prepare for
new refrigerant regulations. We made steady progress on the
strategic review of our Chemical Solutions segment with the signing
of a definitive agreement to sell the C&D business. We
strengthened our organization through the addition of new leaders
in key roles. Finally, our working capital initiatives across all
our businesses resulted in a notable year-over-year reduction of
seasonal cash use that, in turn, improved free cash flow
considerably. Overall, we made steady progress across all
fronts."
First quarter net sales were $1.3
billion, a decrease of 5 percent from $1.4 billion in the prior-year quarter. First
quarter net income was $51 million,
or $0.28 per diluted share, versus
net income of $43 million, or
$0.24 per diluted share on a pro
forma basis in the prior-year quarter. Adjusted EBITDA for the
first quarter was $128 million versus
$145 million in the prior-year
quarter. Lower average prices in Titanium Technologies and
approximately $22 million of
unfavorable currency movements were partially offset by improved
profitability in Fluoroproducts and Chemical Solutions versus the
prior-year quarter.
Sales and Adjusted EBITDA decreased by $63 million and $4
million, respectively, from the fourth quarter of 2015 to
the first quarter of 2016. Lower costs, higher volumes of
fluoropolymers and lower Corporate and Other expenses were offset
by unfavorable mix in the Fluoroproducts segment, lower licensing
income and $6 million of unfavorable
currency movements.
Titanium Technologies
In the first quarter, Titanium
Technologies segment sales were $521
million, a 4 percent decline versus the prior-year quarter.
Segment Adjusted EBITDA was $54
million, a 42 percent decline compared to the prior-year
quarter. Lower year-over-year pricing and unfavorable currency
movements reduced net sales 16 percent and 1 percent, respectively.
Higher year-over-year volume contributed to a 13 percent increase
in revenue, with first quarter 2016 volume in line with normal
seasonal trends. All regions except China and Latin
America experienced higher volumes versus the prior-year
quarter. The higher volume and benefits from cost reductions were
more than offset by lower prices and $7
million of unfavorable currency impacts.
Sequentially, versus the fourth quarter of 2015, sales decreased
12 percent and Adjusted EBITDA decreased $8
million, or 13 percent. Transformation plan cost savings
helped offset the impact from a global average price decline of
less than1 percent and a $1 million
impact from unfavorable currency movements. Volume decreased 11
percent driven by seasonally lower demand in Asia and weaker demand in Latin America that were partially offset by
higher volumes in North America
and EMEA. In the quarter, Chemours began implementing a modest
price increase across its TiO2 product lines for 2016
that resulted in higher quarter-end prices. In April 2016, Chemours announced an additional
$150 per tonne price increase
effective May 1, 2016.
Fluoroproducts
Fluoroproducts segment sales in the
first quarter were $531 million, a
decrease of 4 percent versus the prior-year quarter. Segment
Adjusted EBITDA was $85 million, a 13
percent increase versus the prior-year quarter. Opteon™ sales
growth and broader participation in fluoropolymers markets drove
increased sales compared to the prior-year quarter, but were more
than offset by weaker demand for fluoropolymers in consumer
electronics, regulated volume reductions of base refrigerants and
approximately $14 million of
unfavorable currency movements. Lower sales were offset by improved
operations throughout the Fluoroproducts manufacturing network,
which contributed approximately $9
million in lower year-over-year costs and led to higher
Adjusted EBITDA versus the prior-year quarter.
Sequentially, versus the fourth quarter of 2015, sales and
Adjusted EBITDA increased 3 percent and 6 percent, respectively.
Growth in Opteon™ volumes was notable in the quarter as automotive
manufacturers prepare for the January 1,
2017 regulatory compliance in Europe. Those higher sales were partially
offset by seasonally lower demand for other refrigerants and
continued competitive pricing pressure for fluoropolymers versus
the previous quarter. The increase in Adjusted EBITDA was due in
large part to lower costs in the quarter that were partially offset
by unfavorable product mix and currency movements.
Today, the company also announced its decision to invest in new
Opteon™ capacity using world-class technology. This investment will
establish the world's largest hydrofluoroolefins (HFO)
manufacturing facility positioned closest to the biggest regulated
markets – the United States and
the European Union. With expected start-up in 2018, the new
facility will triple Chemours' Opteon™ capacity to meet growing
market demand for low global warming potential products into mobile
air conditioning and refrigeration applications.
Chemical Solutions
In the first quarter, Chemical
Solutions segment sales were $245
million, an 8 percent decline versus the prior-year quarter,
primarily due to pass-through impact on prices of lower raw
material costs and softness in spot market pricing. Segment
Adjusted EBITDA was $10 million,
$9 million above the prior-year
quarter, reflecting focused transformation plan initiatives that
are delivering lower operating costs across the segment.
Sequentially, sales decreased 4 percent versus the fourth
quarter of 2015, while Adjusted EBITDA was $6 million lower driven primarily by lower
licensing income in the first quarter.
In the first quarter, the company continued its strategic review
and streamlining of the Chemicals Solutions segment. In March, the
company completed the sale of its Beaumont Aniline facility to The
Dow Chemical Company for $140
million, and, in April, Chemours announced the sale of the
C&D business to LANXESS for $230
million. The company expects to close the C&D
transaction in the second half of 2016.
Corporate and Other
Corporate and Other represented a
negative $21 million of Adjusted
EBITDA. Corporate and Other expenses in the first quarter of 2016
declined $3 million and $5 million versus the prior-year quarter and the
fourth quarter 2015, respectively.
The company realized a cash tax rate of approximately 18 percent
in the quarter, reflecting the taxes associated with a gain on
sale. For the full year 2016, the company expects its cash tax rate
to be in the mid- to high-teens percentages, including the
company's anticipated geographic mix of earnings and an additional
gain anticipated with the C&D transaction.
Liquidity
As of March 31,
2016, gross consolidated debt was $4.0 billion. Debt, net of cash, was $3.6 billion.
Cash balances increased to $435
million at March 31, 2016. In
the quarter, the company received a $190
million prepayment from DuPont for certain goods and
services that Chemours expects to provide to DuPont over 12 to 15
months. At the end of the quarter, the remaining balance was
$166 million. On March 1, 2016, the company also received
$140 million of gross proceeds from
the Beaumont aniline sale. Additionally, better inventory
management drove improved working capital performance despite
typical seasonal use of cash. Excluding the benefit of the DuPont
prepayment, working capital1 performance improved by
$138 million versus the prior-year
quarter.
As previously reported, the company and its lenders entered into
an amendment of its existing credit agreement during the first
quarter. Chemours believes that this agreement, along with the
DuPont prepayment, provides enhanced liquidity and flexibility to
implement the company's transformation plan.
Outlook
Vergnano commented, "For the full year, we
expect to deliver Adjusted EBITDA above our 2015 performance,
generating modestly positive free cash flow. We remain focused on
improving our profitability in Titanium Technologies, getting the
business back to acceptable profitability levels through cost
reductions and modest price increases that will support our
reinvestment requirements for long-term, quality supply for our
customers. We began implementing TiO2 price increases
globally in the first quarter, ending the quarter with global
average prices higher than we started. We fully expect our new
Altamira TiO2 line to be
begin commercial operation in the second quarter, as planned.
Flawless execution of our transformation plan is putting us well on
our way to $500 million of improved
EBITDA in 2017 over 2015, significantly improving free cash flow
and reducing our net leverage."
Conference Call
As previously announced, Chemours will
hold a conference call and webcast on Tuesday, May 3, 2016 at 8:30 AM EDT. The webcast and additional
presentation materials can be accessed by visiting the Events &
Presentations page of Chemours' investor website,
investors.chemours.com. A webcast replay of the conference call
will be available on the Chemours' investor website.
|
|
1
Excludes $166 million of benefit from DuPont
prepayment.
|
|
About The Chemours Company
The Chemours Company (NYSE:
CC) helps create a colorful, capable and cleaner world through the
power of chemistry. Chemours is a global leader in titanium
technologies, fluoroproducts and chemical solutions, providing its
customers with solutions in a wide range of industries with
market-defining products, application expertise and chemistry-based
innovations. Chemours ingredients are found in plastics and
coatings, refrigeration and air conditioning, mining and oil
refining operations and general industrial manufacturing. Our
flagship products include prominent brands such as Teflon™,
Ti-Pure™, Krytox™, Viton™, Opteon™ and Nafion™. Chemours has
approximately 8,000 employees across 35 manufacturing sites serving
more than 5,000 customers in North
America, Latin America,
Asia-Pacific and Europe.
Chemours is headquartered in Wilmington,
Delaware and is listed on the NYSE under the symbol
CC. For more information please visit chemours.com or follow
Chemours on Twitter at @chemours.
Non-GAAP Financial Measures
We prepare our financial
statements in accordance with Generally Accepted Accounting
Principles ("GAAP"). Within this press release, we make reference
to Adjusted Net Income (Loss), Adjusted Diluted Income (Loss) per
share and Adjusted EBITDA and Free Cash Flow, which are non-GAAP
financial measures. Free Cash Flow is defined as Cash from
Operations minus cash used for PP&E purchases. The company
includes these non-GAAP financial measures because management
believes they are useful to investors in that they provide for
greater transparency with respect to supplemental information used
by management in its financial and operational decision making.
Management uses Adjusted Net Income (Loss), Adjusted Diluted
Income (Loss) per share and Adjusted EBITDA to evaluate the
company's performance excluding the impact of certain non-cash
charges and other special items which we expect to be infrequent in
occurrence in order to have comparable financial results to analyze
changes in our underlying business from quarter to quarter.
Accordingly, the company believes the presentation of these
non-GAAP financial measures, when used in conjunction with GAAP
financial measures, is a useful financial analysis tool that can
assist investors in assessing the company's operating performance
and underlying prospects. This analysis should not be considered in
isolation or as a substitute for analysis of our results as
reported under GAAP. This analysis, as well as the other
information in this press release, should be read in conjunction
with the company's financial statements and footnotes contained in
the documents that the company files with the U.S. Securities and
Exchange Commission. The non-GAAP financial measures used by the
company in this press release may be different from the methods
used by other companies. For more information on the non-GAAP
financial measures, please refer to the attached schedules or the
table, "Reconciliation of Non-GAAP Financial Measures to GAAP
Financial Measures" and materials posted to the website at
investors.chemours.com.
Forward-Looking Statements
This press release contains
forward-looking statements, which often may be identified by their
use of words like "plans," "expects," "will," "believes,"
"intends," "estimates," "anticipates" or other words of similar
meaning. These forward-looking statements address, among other
things, our anticipated future operating and financial performance,
business plans and prospects, transformation plans, resolution of
environmental liabilities, litigation and other contingencies,
plans to increase profitability, our ability to pay or the amount
of any dividend, and target leverage that are subject to
substantial risks and uncertainties that could cause actual results
to differ materially from those expressed or implied by such
statements. Forward-looking statements are not guarantees of future
performance and are based on certain assumptions and expectations
of future events which may not be realized. The matters discussed
in these forward-looking statements also are subject to risks,
uncertainties and other factors that could cause actual results to
differ materially from those projected, anticipated or implied in
the forward-looking statements, as further described in our filings
with the Securities and Exchange Commission, including our annual
report on Form 10-K for the fiscal year ended December 31, 2015. Chemours undertakes no duty to
update any forward-looking statements.
|
The Chemours
Company
|
|
Consolidated
Statements of Operations (Unaudited)
|
|
(Dollars in
millions, except per share)
|
|
|
Three months
ended
|
|
March
31,
|
|
2016
|
|
2015
|
|
Net sales
|
$
|
1,297
|
|
|
$
|
1,363
|
|
|
Cost of goods
sold
|
1,095
|
|
|
1,111
|
|
|
Gross
profit
|
202
|
|
|
252
|
|
|
Selling, general and
administrative expense
|
133
|
|
|
167
|
|
|
Research and
development expense
|
23
|
|
|
23
|
|
|
Employee separation
and asset related charges, net
|
17
|
|
|
—
|
|
|
Total
expenses
|
173
|
|
|
190
|
|
|
Equity in earnings of
affiliates
|
5
|
|
|
3
|
|
|
Interest expense,
net
|
(57)
|
|
|
—
|
|
|
Other income
(expense), net
|
93
|
|
|
(7)
|
|
|
Income before
income taxes
|
70
|
|
|
58
|
|
|
Provision for income
taxes
|
19
|
|
|
15
|
|
|
Net
income
|
51
|
|
|
43
|
|
|
Less: Net income
attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
Net income
attributable to Chemours
|
$
|
51
|
|
|
$
|
43
|
|
|
|
|
|
|
Per share
data
|
|
|
|
|
Basic earnings per
share of common stock 1
|
$
|
0.28
|
|
|
$
|
0.24
|
|
|
Diluted earnings
per share of common stock 1
|
$
|
0.28
|
|
|
$
|
0.24
|
|
|
Dividends per
share of common stock
|
$
|
0.03
|
|
|
$
|
—
|
|
|
|
1 On
July 1, 2015, E. I. du Pont de Nemours and Company distributed
180,966,833 shares of Chemours' common stock to holders of its
common stock. Basic and diluted earnings per common share for
the three months ended March 31, 2015 were calculated using the
number of shares distributed on July 1, 2015.
|
|
The Chemours
Company
|
|
Consolidated
Balance Sheets
|
|
(Dollars in
millions)
|
|
|
March 31,
2016
(Unaudited)
|
|
December 31,
2015
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash
|
$
|
435
|
|
|
$
|
366
|
|
|
Accounts and notes
receivable - trade, net
|
906
|
|
|
859
|
|
|
Inventories
|
948
|
|
|
972
|
|
|
Prepaid expenses and
other
|
82
|
|
|
104
|
|
|
Total current
assets
|
2,371
|
|
|
2,301
|
|
|
Property, plant and
equipment
|
9,092
|
|
|
9,015
|
|
|
Less: Accumulated
depreciation
|
(5,893)
|
|
|
(5,838)
|
|
|
Net property,
plant and equipment
|
3,199
|
|
|
3,177
|
|
|
Goodwill
|
165
|
|
|
166
|
|
|
Other intangible
assets, net
|
10
|
|
|
10
|
|
|
Investments in
affiliates
|
144
|
|
|
136
|
|
|
Other
assets
|
491
|
|
|
508
|
|
|
Total
assets
|
$
|
6,380
|
|
|
$
|
6,298
|
|
|
Liabilities and
equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
|
842
|
|
|
$
|
973
|
|
|
Short-term borrowings
and current maturities of long-term debt
|
34
|
|
|
39
|
|
|
Other accrued
liabilities
|
611
|
|
|
454
|
|
|
Total current
liabilities
|
1,487
|
|
|
1,466
|
|
|
Long-term debt,
net
|
3,920
|
|
|
3,915
|
|
|
Deferred income
taxes
|
239
|
|
|
234
|
|
|
Other
liabilities
|
542
|
|
|
553
|
|
|
Total
liabilities
|
6,188
|
|
|
6,168
|
|
|
Commitments and
contingent liabilities
|
|
|
|
|
Equity
|
|
|
|
|
Common stock (par
value $.01 per share; 810,000,000 shares authorized; 181,460,309
shares issued and outstanding as of March 31, 2016)
|
2
|
|
|
2
|
|
|
Additional paid-in
capital
|
775
|
|
|
775
|
|
|
Accumulated
deficit
|
(64)
|
|
|
(115)
|
|
|
Accumulated other
comprehensive loss
|
(525)
|
|
|
(536)
|
|
|
Total Chemours
stockholders' equity
|
188
|
|
|
126
|
|
|
Noncontrolling
interests
|
4
|
|
|
4
|
|
|
Total
equity
|
192
|
|
|
130
|
|
|
Total liabilities
and equity
|
$
|
6,380
|
|
|
$
|
6,298
|
|
|
The Chemours
Company
|
|
Consolidated
Statements of Cash Flows (Unaudited)
|
|
(Dollars in
millions)
|
|
|
Three months
ended
|
|
March
31,
|
|
2016
|
|
2015
|
|
Operating
activities
|
|
|
|
|
Net income
|
$
|
51
|
|
|
$
|
43
|
|
|
Adjustments to
reconcile net income to cash provided by (used for) operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
66
|
|
|
64
|
|
|
Amortization of debt
issuance costs and discount
|
8
|
|
|
—
|
|
|
Gain on sale of
assets and business
|
(89)
|
|
|
—
|
|
|
Equity in earnings of
affiliates
|
(5)
|
|
|
(3)
|
|
|
Deferred tax
expense
|
10
|
|
|
11
|
|
|
Other operating
charges and credits, net
|
55
|
|
|
11
|
|
|
Decrease (increase)
in operating assets:
|
|
|
|
|
Accounts and notes
receivable - trade, net
|
(40)
|
|
|
(98)
|
|
|
Inventories and other
operating assets
|
18
|
|
|
(88)
|
|
|
Decrease in operating
liabilities:
|
|
|
|
|
Accounts payable and other
operating liabilities
|
(38)
|
|
|
(178)
|
|
|
Cash
provided by (used for) operating activities
|
36
|
|
|
(238)
|
|
|
Investing
activities
|
|
|
|
|
Purchases of
property, plant and equipment
|
(89)
|
|
|
(137)
|
|
|
Proceeds from sales
of assets and business
|
140
|
|
|
8
|
|
|
Foreign exchange
contract settlements
|
(1)
|
|
|
—
|
|
|
Investment in
affiliates
|
—
|
|
|
(30)
|
|
|
Cash provided by
(used for) investing activities
|
50
|
|
|
(159)
|
|
|
Financing
activities
|
|
|
|
|
Debt
repayments
|
(9)
|
|
|
—
|
|
|
Deferred financing
fees
|
(2)
|
|
|
—
|
|
|
Dividends
paid
|
(5)
|
|
|
—
|
|
|
Net transfers from
DuPont
|
—
|
|
|
397
|
|
|
Cash (used for)
provided by financing activities
|
(16)
|
|
|
397
|
|
|
Effect of exchange
rate changes on cash
|
(1)
|
|
|
—
|
|
|
Increase in
cash
|
69
|
|
|
—
|
|
|
Cash at beginning
of period
|
366
|
|
|
—
|
|
|
Cash at end of
period
|
$
|
435
|
|
|
$
|
—
|
|
|
|
|
|
|
Non-cash investing
activities:
|
|
|
|
|
Change in property,
plant and equipment included in accounts payable
|
$
|
3
|
|
|
$
|
—
|
|
|
The Chemours
Company
|
|
Segment Financial
and Operating Data (Unaudited)
|
|
(Dollars in
millions)
|
|
|
Segment Net
Sales
|
Three months
ended
|
|
|
Three months
ended
|
|
|
March
31,
|
|
|
December
31,
|
Year over
Year
|
|
2016
|
2015
|
Increase /
(Decrease)
|
|
2016
|
Increase /
(Decrease)
|
|
Titanium
Technologies
|
$
|
521
|
|
$
|
545
|
|
$
|
(24)
|
|
|
$
|
589
|
|
$
|
(68)
|
|
|
Fluoroproducts
|
531
|
|
552
|
|
(21)
|
|
|
515
|
|
16
|
|
|
Chemical
Solutions
|
245
|
|
266
|
|
(21)
|
|
|
256
|
|
(11)
|
|
|
Net
sales
|
$
|
1,297
|
|
$
|
1,363
|
|
$
|
(66)
|
|
|
$
|
1,360
|
|
$
|
(63)
|
|
|
Segment Adjusted
EBITDA
|
Three months
ended
|
|
|
Three months
ended
|
|
|
March
31,
|
|
|
December
31,
|
Year over
Year
|
|
2016
|
2015
|
Increase /
(Decrease)
|
|
2016
|
Increase /
(Decrease)
|
|
Titanium
Technologies
|
$
|
54
|
|
$
|
93
|
|
$
|
(39)
|
|
|
$
|
62
|
|
$
|
(8)
|
|
|
Fluoroproducts
|
85
|
|
75
|
|
10
|
|
|
80
|
|
5
|
|
|
Chemical
Solutions
|
10
|
|
1
|
|
9
|
|
|
16
|
|
(6)
|
|
|
Corporate and
Other
|
(21)
|
|
(24)
|
|
3
|
|
|
(26)
|
|
5
|
|
|
Total Adjusted
EBITDA
|
$
|
128
|
|
$
|
145
|
|
$
|
(17)
|
|
|
$
|
132
|
|
$
|
(4)
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
Margin
|
10
|
%
|
11
|
%
|
|
|
10
|
%
|
|
|
Quarterly Change
in Net Sales from March 31, 2015
|
|
|
|
|
|
Percentage change
due to:
|
|
2016
Net
Sales
|
Percentage
Change vs 2015
|
Local
Price
|
Volume
|
Currency
Effect
|
Portfolio /
Other
|
|
Total
Company
|
$
|
1,297
|
|
(5)%
|
(6)%
|
4%
|
(2)%
|
(1)%
|
|
|
|
|
|
|
|
|
Titanium
Technologies
|
$
|
521
|
|
(4)%
|
(16)%
|
13%
|
(1)%
|
—%
|
|
Fluoroproducts
|
$
|
531
|
|
(4)%
|
4%
|
(3)%
|
(5)%
|
—%
|
|
Chemical
Solutions
|
$
|
245
|
|
(8)%
|
(8)%
|
3%
|
(1)%
|
(2)%
|
|
Quarterly Change
in Net Sales from December 31, 2015
|
|
|
|
|
|
Percentage change
due to:
|
|
2016
Net
Sales
|
Percentage
Change vs 2015
|
Local
Price
|
Volume
|
Currency
Effect
|
Portfolio /
Other
|
|
Total
Company
|
$
|
1,297
|
|
(5)%
|
(1)%
|
(3)%
|
—%
|
(1)%
|
|
|
|
|
|
|
|
|
Titanium
Technologies
|
$
|
521
|
|
(12)%
|
(1)%
|
(11)%
|
—%
|
—%
|
|
Fluoroproducts
|
$
|
531
|
|
3%
|
(3)%
|
7%
|
(1)%
|
—%
|
|
Chemical
Solutions
|
$
|
245
|
|
(5)%
|
(1)%
|
(1)%
|
—%
|
(3)%
|
|
The Chemours
Company
|
|
Reconciliations of
Non-GAAP Information (Unaudited)
|
|
|
GAAP Net (Loss)
Income to Adjusted EBITDA and Adjusted Net Income
Reconciliations
|
|
(Dollars in
millions)
|
|
|
|
Three months
ended
|
|
|
March
31,
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
2015
|
|
Net income (loss)
attributable to Chemours
|
|
$
|
51
|
|
|
$
|
43
|
|
|
$
|
(86)
|
|
|
Non-operating pension
and other postretirement employee benefit costs
|
|
(7)
|
|
|
7
|
|
|
(8)
|
|
|
Exchange
losses
|
|
6
|
|
|
16
|
|
|
28
|
|
|
Restructuring
charges
|
|
17
|
|
|
—
|
|
|
85
|
|
|
Asset
impairments
|
|
—
|
|
|
—
|
|
|
3
|
|
|
(Gain) loss on sale
of assets or business
|
|
(89)
|
|
|
—
|
|
|
9
|
|
|
Transaction, legal
and other charges
|
|
8
|
|
|
—
|
|
|
17
|
|
|
Provision for
(benefit from) income taxes related to reconciling items
1
|
|
25
|
|
|
(7)
|
|
|
(43)
|
|
|
Adjusted Net
Income
|
|
11
|
|
|
59
|
|
|
5
|
|
|
Net income
attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Interest expense,
net
|
|
57
|
|
|
—
|
|
|
53
|
|
|
Depreciation and
amortization
|
|
66
|
|
|
64
|
|
|
66
|
|
|
All remaining
(benefit from) provision for income taxes 1
|
|
(6)
|
|
|
22
|
|
|
8
|
|
|
Adjusted
EBITDA
|
|
$
|
128
|
|
|
$
|
145
|
|
|
$
|
132
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share, basic 2
|
|
$
|
0.06
|
|
|
$
|
0.33
|
|
|
$
|
0.03
|
|
|
Adjusted earnings per
share, diluted 2
|
|
$
|
0.06
|
|
|
$
|
0.33
|
|
|
$
|
0.03
|
|
|
|
1
Total of provision for (benefit from) income taxes reconciles to
the amount reported in the consolidated statement of income
(unaudited) for the three months ended March 31, 2016 and
2015.
|
|
|
2 On
July 1, 2015, E. I. du Pont de Nemours and Company distributed
180,966,833 shares of Chemours' common stock to holders of its
common stock. Adjusted basic and diluted earnings per common
share for the three months ended March 31, 2015 were calculated
using the number of shares distributed on July 1, 2015.
|
CONTACT:
MEDIA:
Robert
Dekker
Global Corporate Communications
Leader
+1.302.773.4509
robert.dekker@chemours.com
INVESTORS:
Alisha
Bellezza
Director of Investor
Relations
+1.302.773.2263
investor@chemours.com
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SOURCE The Chemours Company