WILMINGTON, Del., Feb. 13, 2020 /PRNewswire/ --
Full Year 2019 Results
- Net Sales of $5.5 billion
- Net Income of $(52) million with
EPS of $(0.32)
- Adjusted Net Income of $419
million with Adjusted EPS of $2.51
- Adjusted EBITDA of $1.02
billion
- Free Cash Flow of $169
million
- Returned $486 million to
shareholders through share repurchases and dividends
Fourth Quarter 2019 Results
- Net Sales of $1.4 billion
- Net Income of $(317) million with
EPS of $(1.94)
- Adjusted Net Income of $92
million, with Adjusted EPS of $0.56
- Adjusted EBITDA of $227
million
- Free Cash Flow of $304
million
Other Highlights
- Announced 2020 outlook for Adjusted EBITDA, Adjusted EPS,
Capex, and Free Cash Flow
-
- Adjusted EBITDA up 13% from 2019 at the mid-point
- Free Cash Flow more than double 2019
- Capex lowered approximately 20% from 2019
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 fourth quarter and full-year 2019.
"Our results for 2019 reflect a challenging year on several
fronts, including TiO2 destocking, the continued impact of illegal
imports of HFC refrigerants into Europe, and operational challenges, offset to
some extent by record results in Chemical Solutions," said
President and CEO Mark Vergnano.
"The Chemours Team delivered a solid fourth quarter, including
finishing the year strong with $169
million of Free Cash Flow. After a slow start, we began to
build some momentum in the second half across several of our core
products and end markets. At the same time, we continued our
efforts to focus the portfolio with the acquisition of Southern
Ionics Minerals and the divestiture of our Methylamines and
Methylamides business."
Full-year 2019 net sales were $5.5
billion versus $6.6 billion in
2018, reflecting lower prices and volume across all
businesses. Currency was a 1 percent negative impact on a
year-over-year basis. Full-year 2019 adjusted net income was
$419 million and diluted adjusted
earnings per share for 2019 was $2.51. Adjusted EBITDA for 2019 was $1.02 billion.
Fourth quarter 2019 net sales were $1.4
billion in comparison to $1.5
billion in the prior year. Results were driven primarily by
lower volume and price in Fluoroproducts and Titanium Technologies.
Fourth quarter net income was $(317)
million, or $(1.94) per
diluted share, inclusive of a $380
million non-cash charge related to the settlement of the
non-active portion of our Netherlands Pension Plan obligations and
transfer of liabilities to a third-party asset management firm, and
a $132 million charge related to
onsite remediation at our Fayetteville site. Adjusted net income
was $92 million, or $0.56 per diluted share. Adjusted EBITDA for the
fourth quarter 2019 was $227 million
in comparison to $341 million in the
previous year's fourth quarter due to headwinds in Titanium
Technologies and Fluoroproducts which were partially offset by
record performance of the Chemical Solutions segment.
Fluoroproducts
Fluoroproducts segment sales for 2019
were $2.6 billion, a 7 percent
decrease in comparison to the prior-year. Lower volumes and prices
were driven by weakness in the automotive and electronics markets
and the continued impact of illegal imports of HFC refrigerants
into the EU.
Lower cost from the Corpus Christi Opteon™ site startup was more
than offset by impact of lower F-Gas quota sales, operational
issues and lower average price of refrigerants. These factors
contributed to segment Adjusted EBITDA of $578 million in 2019 as compared to $783 million in 2018.
Fluoroproducts segment sales in the fourth quarter were
$614 million in comparison to
$649 million in the prior-year
quarter. Segment Adjusted EBITDA of $117
million declined 29 percent versus the prior-year quarter,
primarily due to lower F-Gas quota sales, operational issues
communicated in the previous quarter and lower net sales.
Chemical Solutions
For the full year 2019, Chemical
Solutions segment sales were $533
million, an 11 percent decrease compared to the prior year
driven primarily by lower raw material prices that are passed
through in Performance Chemicals and Intermediates and operational
issues at a key customer mine. Record Adjusted EBITDA of
$80 million represents a 25 percent
increase compared to the prior year. This record setting result
reflects solid productivity and good execution across the business
along with solid licensing demand.
In the fourth quarter 2019, Chemical Solutions segment sales
were $129 million, a 13 percent
decrease versus the prior-year quarter, driven by lower prices due
to lower raw material prices that are passed through in Performance
Chemicals and Intermediates. Fourth quarter 2019 segment Adjusted
EBITDA was a record $25 million, a 79
percent increase compared to the prior year quarter, as improved
volume and lower costs more than offset the lower prices in
comparison to last year's fourth quarter.
Titanium Technologies
Titanium Technologies segment
sales for the full year were $2.3
billion in comparison to $3.2
billion in the prior-year. Lower sales were the result
of lower volumes of Ti-Pure™ titanium dioxide driven by destocking
and market share loss in the first half of the year as we
implemented our Ti-Pure™ Value Stabilization strategy. Global
average selling prices were down 1 percent in comparison to 2018.
These factors and fixed cost under-absorption contributed to a 52
percent year-over-year decrease in earnings, resulting in
$505 million Adjusted EBITDA in 2019
as compared to $1.1 billion in
2018.
Titanium Technologies segment sales in the fourth quarter were
$610 million versus $666 million in the prior-year quarter. This
decrease was a result of lower volumes of Ti-Pure™ titanium dioxide
in comparison to last year. Volumes were flat sequentially
reflecting anticipated share regain. Global average selling prices,
accounting for regional, customer and channel mix, declined
modestly versus the prior year period. On a sequential basis,
average local price was down 1 percent in comparison to the third
quarter of 2019. Fourth quarter segment Adjusted EBITDA was
$115 million, in comparison to
$199 million last year. Results were
driven primarily by lower sales volumes, higher raw material costs
and under-absorption of fixed cost.
Corporate and Other
Corporate and Other represented a
$143 million cost included in
Adjusted EBITDA for the full year 2019 in comparison to a
$162 million offset in the prior
year, primarily the result of lower performance-related
compensation and lower costs related to legacy legal matters.
Corporate and Other in the fourth quarter 2019 represented a
$30 million cost included in Adjusted
EBITDA, versus a $36 million offset
in the prior-year quarter. This decrease was primarily related to
lower performance-related compensation.
The company realized an adjusted effective tax rate of
approximately 17 percent for the 2019 fiscal year and 5 percent for
the fourth quarter. The company expects its adjusted effective tax
rate for the full-year 2020 to be within a range of 19 to 20
percent, reflecting the company's anticipated geographic mix of
earnings.
Liquidity
As of December 31,
2019, gross consolidated debt was $4.2 billion. Debt, net of $943 million cash, was $3.2 billion, resulting in a net leverage ratio
of approximately 3.2 times on a trailing twelve-month Adjusted
EBITDA basis.
For the full-year 2019, cash provided by operating activities
was $650 million, versus $1.1 billion in 2018. Capital expenditures for
2018 were $481 million in comparison
to $498 million in full-year 2018.
Full-year 2019 Free Cash Flow was $169
million versus the prior-year Free Cash Flow of $642 million in 2018.
Cash provided by operating activities for the fourth quarter of
2019 was $400 million, versus
$259 million in the prior year
quarter. Capital expenditures for the fourth quarter 2019 were
$96 million, versus $154 million in last year's fourth quarter. Free
Cash Flow for the fourth quarter of 2019 was $304 million versus the prior-year quarter result
of $105 million.
Outlook
The company expects to deliver 2020 Adjusted
EBITDA within a range of $1.05 to
$1.25 billion. Capital
expenditures are expected to be approximately $400 million, with Free Cash Flow of greater than
$350 million. The company
expects to deliver Adjusted EPS of between $2.60 and $3.55 per
share.
"Our outlook for 2020 reflects top line and bottom line growth
across all segments. While the macroeconomic environment remains
uncertain, we remain committed to delivering solid earnings growth
and a significant improvement in free cash flow." Vergnano
concluded. "Looking ahead after a challenging year, we are well
positioned to improve our performance in 2020 and are focused on
continuing to unlock shareholder value over time."
Conference Call
As previously announced, Chemours
will hold a conference call and webcast on Friday, February 14, 2020 at 8:30 AM EST. 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.
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 fluoroproducts, chemical solutions, and titanium technologies,
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 refrigeration and air conditioning, mining and general
industrial manufacturing, plastics and coatings. Our flagship
products include prominent brands such as Teflon™, Ti-Pure™,
Krytox™, Viton™, Opteon™, Freon™ and Nafion™. Chemours has
approximately 7,000 employees and 30 manufacturing sites serving
approximately 3,700 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 us on Twitter @Chemours, or
LinkedIn.
Non-GAAP Financial Measures
We prepare our financial
statements in accordance with Generally Accepted Accounting
Principles (GAAP). Within this press release, we may make reference
to Adjusted Net Income (Loss), Adjusted EPS, Adjusted EBITDA,
Adjusted EBITDA Margin, Free Cash Flow, Adjusted Effective Tax
Rate, Return on Invested Capital and Net Leverage Ratio which are
non-GAAP financial measures. 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 EPS,
Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Adjusted
Effective Tax Rate, Return on Invested Capital and Net Leverage
Ratio to evaluate the company's performance excluding the impact of
certain noncash 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 company's website
at investors.chemours.com.
Forward-Looking Statements
This press release
contains forward-looking statements, within the meaning of the safe
harbor provisions of the U.S. Private Securities Litigation Reform
Act of 1995, which involve risks and uncertainties. Forward-looking
statements provide current expectations of future events based on
certain assumptions and include any statement that does not
directly relate to a historical or current fact. The words
"believe," "expect," "will," "anticipate," "plan," "estimate,"
"target," "project" and similar expressions, among others,
generally identify "forward-looking statements," which speak only
as of the date such statements were made. These forward-looking
statements may address, among other things, the outcome or
resolution of any pending or future environmental liabilities, the
commencement, outcome or resolution of any regulatory inquiry,
investigation or proceeding, the initiation, outcome or settlement
of any litigation, changes in environmental regulations in the U.S.
or other jurisdictions that affect demand for or adoption of our
products, anticipated future operating and financial performance,
business plans, prospects, targets, goals and commitments, capital
investments and projects, plans for dividends or share repurchases,
sufficiency or longevity of intellectual property protection, cost
savings targets, plans to increase profitability and growth, our
ability to make acquisitions, integrate acquired businesses or
assets into our operations, and achieve anticipated synergies or
cost savings, and our outlook for net sales, Adjusted EBITDA,
Adjusted EPS, Free Cash Flow, Adjusted Effective Tax Rate, and
Return on Invested Capital, all of which 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 based on certain assumptions and
expectations of future events that may not be accurate or realized.
These statements are not guarantees of future performance.
Forward-looking statements also involve risks and uncertainties
that are beyond Chemours' control. Additionally, there may be other
risks and uncertainties that Chemours is unable to identify at this
time or that Chemours does not currently expect to have a material
impact on its business. Factors that could cause or contribute to
these differences include the risks, uncertainties and other
factors discussed in our filings with the U.S. Securities and
Exchange Commission, including in our Annual Report on Form 10-K
for the year ended December 31, 2019.
Chemours assumes no obligation to revise or update any
forward-looking statement for any reason, except as required by
law.
CONTACT:
INVESTORS
Jonathan Lock
VP, Corporate Development and Investor Relations
+1.302.773.2263
investor@chemours.com
NEWS MEDIA
David
Rosen
Global Leader, Media Relations and Strategic Communications
+1.302.773.2711
media@chemours.com
The Chemours
Company
Consolidated
Statements of Operations
(Dollars in
millions, except per share amounts)
|
|
|
|
|
Year Ended
December 31,
|
|
|
|
2019
(Unaudited)
|
|
|
2018
|
|
|
2017
|
|
Net sales
|
|
$
|
5,526
|
|
|
$
|
6,638
|
|
|
$
|
6,183
|
|
Cost of goods
sold
|
|
|
4,463
|
|
|
|
4,667
|
|
|
|
4,438
|
|
Gross
profit
|
|
|
1,063
|
|
|
|
1,971
|
|
|
|
1,745
|
|
Selling, general, and
administrative expense
|
|
|
548
|
|
|
|
657
|
|
|
|
626
|
|
Research and
development expense
|
|
|
80
|
|
|
|
82
|
|
|
|
81
|
|
Restructuring,
asset-related, and other charges
|
|
|
87
|
|
|
|
49
|
|
|
|
57
|
|
Total other operating
expenses
|
|
|
715
|
|
|
|
788
|
|
|
|
764
|
|
Equity in earnings of
affiliates
|
|
|
29
|
|
|
|
43
|
|
|
|
33
|
|
Interest expense,
net
|
|
|
(208)
|
|
|
|
(195)
|
|
|
|
(214)
|
|
Loss on
extinguishment of debt
|
|
|
—
|
|
|
|
(38)
|
|
|
|
(1)
|
|
Other (expense)
income, net
|
|
|
(293)
|
|
|
|
162
|
|
|
|
113
|
|
(Loss) income
before income taxes
|
|
|
(124)
|
|
|
|
1,155
|
|
|
|
912
|
|
(Benefit from)
provision for income taxes
|
|
|
(72)
|
|
|
|
159
|
|
|
|
165
|
|
Net (loss)
income
|
|
|
(52)
|
|
|
|
996
|
|
|
|
747
|
|
Less: Net income
attributable to non-controlling interests
|
|
|
—
|
|
|
|
1
|
|
|
|
1
|
|
Net (loss) income
attributable to Chemours
|
|
$
|
(52)
|
|
|
$
|
995
|
|
|
$
|
746
|
|
Per share
data
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss) earnings
per share of common stock
|
|
$
|
(0.32)
|
|
|
$
|
5.62
|
|
|
$
|
4.04
|
|
Diluted (loss)
earnings per share of common stock
|
|
|
(0.32)
|
|
|
|
5.45
|
|
|
|
3.91
|
|
The Chemours
Company
Consolidated
Balance Sheets
(Dollars in
millions, except per share amounts)
|
|
|
|
|
December
31,
|
|
|
|
2019
(Unaudited)
|
|
|
2018
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
943
|
|
|
$
|
1,201
|
|
Accounts and notes
receivable, net
|
|
|
674
|
|
|
|
861
|
|
Inventories
|
|
|
1,079
|
|
|
|
1,147
|
|
Prepaid expenses and
other
|
|
|
81
|
|
|
|
84
|
|
Total current
assets
|
|
|
2,777
|
|
|
|
3,293
|
|
Property, plant, and
equipment
|
|
|
9,413
|
|
|
|
8,992
|
|
Less: Accumulated
depreciation
|
|
|
(5,854)
|
|
|
|
(5,701)
|
|
Property, plant, and
equipment, net
|
|
|
3,559
|
|
|
|
3,291
|
|
Operating lease
right-of-use assets
|
|
|
294
|
|
|
|
—
|
|
Goodwill and other
intangible assets, net
|
|
|
174
|
|
|
|
181
|
|
Investments in
affiliates
|
|
|
162
|
|
|
|
160
|
|
Other
assets
|
|
|
292
|
|
|
|
437
|
|
Total
assets
|
|
$
|
7,258
|
|
|
$
|
7,362
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
923
|
|
|
$
|
1,137
|
|
Short-term and current
maturities of long-term debt
|
|
|
134
|
|
|
|
13
|
|
Other accrued
liabilities
|
|
|
484
|
|
|
|
559
|
|
Total current
liabilities
|
|
|
1,541
|
|
|
|
1,709
|
|
Long-term debt,
net
|
|
|
4,026
|
|
|
|
3,959
|
|
Operating lease
liabilities
|
|
|
245
|
|
|
|
—
|
|
Deferred income
taxes
|
|
|
118
|
|
|
|
217
|
|
Other
liabilities
|
|
|
633
|
|
|
|
457
|
|
Total
liabilities
|
|
|
6,563
|
|
|
|
6,342
|
|
Commitments and
contingent liabilities
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
Common stock (par
value $0.01 per share; 810,000,000 shares authorized;
188,893,478 shares
issued and 163,574,243 shares outstanding at December 31,
2019;
187,204,567 shares
issued and 170,780,474 shares outstanding at December 31,
2018)
|
|
|
2
|
|
|
|
2
|
|
Treasury stock, at
cost (25,319,235 shares at December 31, 2019;
16,424,093 shares at
December 31, 2018)
|
|
|
(1,072)
|
|
|
|
(750)
|
|
Additional paid-in
capital
|
|
|
859
|
|
|
|
860
|
|
Retained
earnings
|
|
|
1,249
|
|
|
|
1,466
|
|
Accumulated other
comprehensive loss
|
|
|
(349)
|
|
|
|
(564)
|
|
Total Chemours
stockholders' equity
|
|
|
689
|
|
|
|
1,014
|
|
Non-controlling
interests
|
|
|
6
|
|
|
|
6
|
|
Total
equity
|
|
|
695
|
|
|
|
1,020
|
|
Total liabilities
and equity
|
|
$
|
7,258
|
|
|
$
|
7,362
|
|
The Chemours
Company
Consolidated
Statements of Cash Flows
(Dollars in
millions)
|
|
|
|
|
Year Ended
December 31,
|
|
|
|
2019
(Unaudited)
|
|
|
2018
|
|
|
2017
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
$
|
(52)
|
|
|
$
|
996
|
|
|
$
|
747
|
|
Adjustments to
reconcile net income to cash provided by (used for) operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
311
|
|
|
|
284
|
|
|
|
273
|
|
Gain on sales of
assets and businesses
|
|
|
(10)
|
|
|
|
(45)
|
|
|
|
(22)
|
|
Equity in earnings of
affiliates, net
|
|
|
(3)
|
|
|
|
18
|
|
|
|
(33)
|
|
Loss on extinguishment
of debt
|
|
|
—
|
|
|
|
38
|
|
|
|
1
|
|
Amortization of debt
issuance costs and issue discounts
|
|
|
9
|
|
|
|
11
|
|
|
|
13
|
|
Deferred tax (benefit)
provision
|
|
|
(165)
|
|
|
|
23
|
|
|
|
83
|
|
Asset-related
charges
|
|
|
43
|
|
|
|
4
|
|
|
|
3
|
|
Stock-based
compensation expense
|
|
|
19
|
|
|
|
24
|
|
|
|
29
|
|
Net periodic pension
cost (income)
|
|
|
381
|
|
|
|
(18)
|
|
|
|
(22)
|
|
Defined benefit plan
contributions
|
|
|
(19)
|
|
|
|
(15)
|
|
|
|
(38)
|
|
Other operating
charges and credits, net
|
|
|
(2)
|
|
|
|
(7)
|
|
|
|
12
|
|
Decrease (increase) in
operating assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts and notes
receivable, net
|
|
|
191
|
|
|
|
47
|
|
|
|
(88)
|
|
Inventories and other
operating assets
|
|
|
116
|
|
|
|
(284)
|
|
|
|
(146)
|
|
(Decrease) increase in
operating liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and
other operating liabilities
|
|
|
(169)
|
|
|
|
64
|
|
|
|
(172)
|
|
Cash provided by
operating activities
|
|
|
650
|
|
|
|
1,140
|
|
|
|
640
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of
property, plant, and equipment
|
|
|
(481)
|
|
|
|
(498)
|
|
|
|
(411)
|
|
Acquisition of
business, net
|
|
|
(10)
|
|
|
|
(37)
|
|
|
|
—
|
|
Proceeds from sales
of assets and businesses, net
|
|
|
9
|
|
|
|
46
|
|
|
|
39
|
|
Proceeds from life
insurance policies
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
Foreign exchange
contract settlements, net
|
|
|
(2)
|
|
|
|
2
|
|
|
|
2
|
|
Cash used for
investing activities
|
|
|
(483)
|
|
|
|
(487)
|
|
|
|
(370)
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
issuance of debt, net
|
|
|
—
|
|
|
|
520
|
|
|
|
495
|
|
Proceeds from
revolving loan
|
|
|
150
|
|
|
|
—
|
|
|
|
—
|
|
Repayments on
revolving loan
|
|
|
(150)
|
|
|
|
—
|
|
|
|
—
|
|
Proceeds from
accounts receivable securitization facility
|
|
|
128
|
|
|
|
—
|
|
|
|
—
|
|
Debt
repayments
|
|
|
(37)
|
|
|
|
(679)
|
|
|
|
(27)
|
|
Payments related to
extinguishment of debt
|
|
|
—
|
|
|
|
(29)
|
|
|
|
(1)
|
|
Payments of debt
issuance costs
|
|
|
—
|
|
|
|
(12)
|
|
|
|
(6)
|
|
Payments on finance
leases
|
|
|
(3)
|
|
|
|
—
|
|
|
|
—
|
|
Purchases of treasury
stock, at cost
|
|
|
(322)
|
|
|
|
(644)
|
|
|
|
(106)
|
|
Proceeds from
exercised stock options, net
|
|
|
9
|
|
|
|
16
|
|
|
|
31
|
|
Payments related to
tax withholdings on vested stock awards
|
|
|
(30)
|
|
|
|
(17)
|
|
|
|
(12)
|
|
Payments of
dividends
|
|
|
(164)
|
|
|
|
(148)
|
|
|
|
(22)
|
|
Cash (used for)
provided by financing activities
|
|
|
(419)
|
|
|
|
(993)
|
|
|
|
352
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
|
(6)
|
|
|
|
(15)
|
|
|
|
32
|
|
(Decrease)
increase in cash and cash equivalents
|
|
|
(258)
|
|
|
|
(355)
|
|
|
|
654
|
|
Cash and cash
equivalents at January 1,
|
|
|
1,201
|
|
|
|
1,556
|
|
|
|
902
|
|
Cash and cash
equivalents at December 31,
|
|
$
|
943
|
|
|
$
|
1,201
|
|
|
$
|
1,556
|
|
Supplemental cash
flows information
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the
year for:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest, net of
amounts capitalized
|
|
$
|
204
|
|
|
$
|
206
|
|
|
$
|
208
|
|
Income taxes, net of
refunds
|
|
|
85
|
|
|
|
75
|
|
|
|
79
|
|
Non-cash investing
and financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in property,
plant, and equipment included in accounts payable
|
|
$
|
85
|
|
|
$
|
37
|
|
|
$
|
(14)
|
|
Obligations incurred
under build-to-suit lease arrangement
|
|
|
40
|
|
|
|
47
|
|
|
|
8
|
|
Purchases of treasury
stock not settled by year-end
|
|
|
—
|
|
|
|
—
|
|
|
|
10
|
|
Non-cash financing
arrangements
|
|
|
11
|
|
|
|
—
|
|
|
|
—
|
|
Deferred payments
related to acquisition of business
|
|
|
15
|
|
|
|
—
|
|
|
|
—
|
|
Dividends accrued but
not yet paid
|
|
|
—
|
|
|
|
—
|
|
|
|
31
|
|
The Chemours
Company
Segment Financial
and Operating Data (Unaudited)
(Dollars in
millions)
|
|
|
Segment Net
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
Ended
|
|
|
Sequential
|
|
|
December
31,
|
|
|
Increase
/
|
|
|
September
30,
|
|
|
Increase
/
|
|
|
2019
|
|
|
2018
|
|
|
(Decrease)
|
|
|
2019
|
|
|
(Decrease)
|
|
Fluoroproducts
|
$
|
|
614
|
|
|
$
|
|
649
|
|
|
$
|
|
(35)
|
|
|
$
|
|
636
|
|
|
$
|
|
(22)
|
|
Chemical
Solutions
|
|
|
129
|
|
|
|
|
149
|
|
|
|
|
(20)
|
|
|
|
|
140
|
|
|
|
|
(11)
|
|
Titanium
Technologies
|
|
|
610
|
|
|
|
|
666
|
|
|
|
|
(56)
|
|
|
|
|
614
|
|
|
|
|
(4)
|
|
Total Net
Sales
|
$
|
|
1,353
|
|
|
$
|
|
1,464
|
|
|
$
|
|
(111)
|
|
|
$
|
|
1,390
|
|
|
$
|
|
(37)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
Ended
|
|
|
Sequential
|
|
|
December
31,
|
|
|
Increase
/
|
|
|
September
30,
|
|
|
Increase
/
|
|
|
2019
|
|
|
2018
|
|
|
(Decrease)
|
|
|
2019
|
|
|
(Decrease)
|
|
Fluoroproducts
|
$
|
|
117
|
|
|
$
|
|
164
|
|
|
$
|
|
(47)
|
|
|
$
|
|
122
|
|
|
$
|
|
(5)
|
|
Chemical
Solutions
|
|
|
25
|
|
|
|
|
14
|
|
|
|
|
11
|
|
|
|
|
23
|
|
|
|
|
2
|
|
Titanium
Technologies
|
|
|
115
|
|
|
|
|
199
|
|
|
|
|
(84)
|
|
|
|
|
137
|
|
|
|
|
(22)
|
|
Corporate and
Other
|
|
|
(30)
|
|
|
|
|
(36)
|
|
|
|
|
6
|
|
|
|
|
(34)
|
|
|
|
|
4
|
|
Total Adjusted
EBITDA
|
$
|
|
227
|
|
|
$
|
|
341
|
|
|
$
|
|
(114)
|
|
|
$
|
|
248
|
|
|
$
|
|
(21)
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
Margin
|
17%
|
|
|
23%
|
|
|
|
|
|
18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Change
in Net Sales from the three months ended December 31,
2018
|
|
|
Percentage
|
|
Percentage Change
Due To
|
|
|
December 31,
2019
Net
Sales
|
|
|
Change
vs.
December 31,
2018
|
|
Local
Price
|
|
Volume
|
|
Currency
Effect
|
|
Total
Company
|
$
|
|
1,353
|
|
|
|
(8)
|
%
|
|
(4)
|
%
|
|
(3)
|
%
|
|
(1)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fluoroproducts
|
$
|
|
614
|
|
|
|
(5)
|
%
|
|
(3)
|
%
|
|
(2)
|
%
|
|
—
|
%
|
Chemical
Solutions
|
|
|
129
|
|
|
|
(13)
|
%
|
|
(16)
|
%
|
|
3
|
%
|
|
—
|
%
|
Titanium
Technologies
|
|
|
610
|
|
|
|
(8)
|
%
|
|
(3)
|
%
|
|
(5)
|
%
|
|
__
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Change
in Net Sales from the three months ended September 30,
2019
|
|
|
|
|
|
|
Percentage
|
|
Percentage Change
Due To
|
|
|
December 31,
2019
Net
Sales
|
|
|
Change
vs.
September 30,
2019
|
|
Local
Price
|
|
Volume
|
|
Currency
Effect
|
|
Total
Company
|
$
|
|
1,353
|
|
|
|
(3)
|
%
|
|
(1)
|
%
|
|
(1)
|
%
|
|
(1)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fluoroproducts
|
$
|
|
614
|
|
|
|
(3)
|
%
|
|
(1)
|
%
|
|
(2)
|
%
|
|
—
|
%
|
Chemical
Solutions
|
|
|
129
|
|
|
|
(8)
|
%
|
|
(2)
|
%
|
|
(6)
|
%
|
|
—
|
%
|
Titanium
Technologies
|
|
|
610
|
|
|
|
(1)
|
%
|
|
(1)
|
%
|
|
1
|
%
|
|
(1)
|
%
|
The Chemours
Company
|
Segment Financial
and Operating Data (Unaudited)
|
(Dollars in
millions)
|
|
Segment Net
Sales
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
|
|
|
December
31,
|
|
|
Increase
/
|
|
|
2019
|
|
|
2018
|
|
|
(Decrease)
|
|
Fluoroproducts
|
$
|
|
2,648
|
|
|
$
|
|
2,862
|
|
|
$
|
|
(214)
|
|
Chemical
Solutions
|
|
|
533
|
|
|
|
|
602
|
|
|
|
|
(69)
|
|
Titanium
Technologies
|
|
|
2,345
|
|
|
|
|
3,174
|
|
|
|
|
(829)
|
|
Total Net
Sales
|
$
|
|
5,526
|
|
|
$
|
|
6,638
|
|
|
$
|
|
(1,112)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
|
|
|
December
31,
|
|
|
Increase
/
|
|
|
2019
|
|
|
2018
|
|
|
(Decrease)
|
|
Fluoroproducts
|
$
|
|
578
|
|
|
$
|
|
783
|
|
|
$
|
|
(205)
|
|
Chemical
Solutions
|
|
|
80
|
|
|
|
|
64
|
|
|
|
|
16
|
|
Titanium
Technologies
|
|
|
505
|
|
|
|
|
1,055
|
|
|
|
|
(550)
|
|
Corporate and
Other
|
|
|
(143)
|
|
|
|
|
(162)
|
|
|
|
|
19
|
|
Total Adjusted
EBITDA
|
$
|
|
1,020
|
|
|
$
|
|
1,740
|
|
|
$
|
|
(720)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
Margin
|
18%
|
|
|
26%
|
|
|
|
|
Change in Net
Sales from the year ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
Percentage Change
Due To
|
|
|
December 31,
2019
Net
Sales
|
|
|
Change
vs.
December 31,
2018
|
|
Local
Price
|
|
Volume
|
|
Currency
Effect
|
|
Total
Company
|
$
|
|
5,526
|
|
|
|
(17)
|
%
|
|
(2)
|
%
|
|
(14)
|
%
|
|
(1)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fluoroproducts
|
$
|
|
2,648
|
|
|
|
(7)
|
%
|
|
(2)
|
%
|
|
(4)
|
%
|
|
(1)
|
%
|
Chemical
Solutions
|
|
|
533
|
|
|
|
(11)
|
%
|
|
(4)
|
%
|
|
(7)
|
%
|
|
—
|
%
|
Titanium
Technologies
|
|
|
2,345
|
|
|
|
(26)
|
%
|
|
(1)
|
%
|
|
(24)
|
%
|
|
(1)
|
%
|
The Chemours
Company
Reconciliation of
Non-GAAP Financial Measures to GAAP Financial Measures
(Unaudited)
(Dollars in
millions)
|
|
Adjusted EBITDA
and Adjusted Net Income to GAAP Net Income
Reconciliation
|
|
Adjusted earnings
before interest, taxes, depreciation, and amortization ("Adjusted
EBITDA") is defined as income (loss) before income taxes, excluding
the following items: interest expense, depreciation, and
amortization; non-operating pension and other post-retirement
employee benefit costs, which represent the components of net
periodic pension (income) costs excluding the service cost
component; exchange (gains) losses included in other income
(expense), net; restructuring, asset-related, and other charges;
asset impairments; (gains) losses on sale of business or assets;
and, other items not considered indicative of the Company's ongoing
operational performance and expected to occur infrequently.
Adjusted Net Income is defined as net income (loss) attributable to
Chemours, adjusted for items excluded from Adjusted EBITDA, except
interest expense, depreciation, amortization, and certain provision
for (benefit from) income tax amounts.
|
|
|
|
|
Three Months
Ended
|
|
|
Year
Ended
|
|
|
|
December
31,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2019
|
|
|
2018
|
|
Net (loss) income
attributable to Chemours
|
|
$
|
|
(317)
|
|
|
$
|
142
|
|
|
$
|
76
|
|
|
$
|
|
(52)
|
|
|
$
|
995
|
|
Non-operating pension
and other post-retirement
employee benefit cost (income)
|
|
|
|
373
|
|
|
|
|
(9)
|
|
|
|
|
1
|
|
|
|
|
368
|
|
|
|
|
(27)
|
|
Exchange losses
(gains), net
|
|
|
|
4
|
|
|
|
|
(5)
|
|
|
|
|
(5)
|
|
|
|
|
2
|
|
|
|
|
(1)
|
|
Restructuring,
asset-related, and other charges
|
|
|
|
38
|
|
|
|
|
18
|
|
|
|
|
34
|
|
|
|
|
87
|
|
|
|
|
49
|
|
Loss on
extinguishment of debt
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
38
|
|
(Loss) gain on sales
of assets and businesses
|
|
|
|
1
|
|
|
|
|
—
|
|
|
|
|
(9)
|
|
|
|
|
(10)
|
|
|
|
|
(45)
|
|
Transaction
costs
|
|
|
|
2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
3
|
|
|
|
|
9
|
|
Legal and
environmental charges
|
|
|
|
132
|
|
|
|
|
36
|
|
|
|
|
5
|
|
|
|
|
175
|
|
|
|
|
82
|
|
Other
charges
|
|
|
|
—
|
|
|
|
|
1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
1
|
|
Adjustments made to
income taxes
|
|
|
|
(5)
|
|
|
|
|
13
|
|
|
|
|
3
|
|
|
|
|
—
|
|
|
|
|
(41)
|
|
Benefit from income
taxes relating to reconciling
items
|
|
|
|
(136)
|
|
|
|
|
(11)
|
|
|
|
|
(7)
|
|
|
|
|
(154)
|
|
|
|
|
(26)
|
|
Adjusted Net
Income
|
|
|
|
92
|
|
|
|
|
185
|
|
|
|
|
98
|
|
|
|
|
419
|
|
|
|
|
1,034
|
|
Net income
attributable to non-controlling interests
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
1
|
|
Interest expense,
net
|
|
|
|
52
|
|
|
|
|
47
|
|
|
|
|
53
|
|
|
|
|
208
|
|
|
|
|
195
|
|
Depreciation and
amortization
|
|
|
|
79
|
|
|
|
|
71
|
|
|
|
|
78
|
|
|
|
|
311
|
|
|
|
|
284
|
|
All remaining
provision for income taxes
|
|
|
|
4
|
|
|
|
|
38
|
|
|
|
|
19
|
|
|
|
|
82
|
|
|
|
|
226
|
|
Adjusted
EBITDA
|
|
$
|
|
227
|
|
|
$
|
|
341
|
|
|
$
|
|
248
|
|
|
$
|
|
1,020
|
|
|
$
|
|
1,740
|
|
The Chemours
Company
Reconciliation of
Non-GAAP Financial Measures to GAAP Financial Measures
(Unaudited)
(Dollars in
millions, except per share amounts)
|
|
Adjusted Earnings
per Share to GAAP Earnings per Share Reconciliation
|
|
Adjusted earnings per
share ("EPS") is calculated by dividing Adjusted Net Income by the
weighted-average number of common shares outstanding. Diluted
Adjusted EPS accounts for the dilutive impact of stock-based
compensation awards, which includes unvested restricted shares.
Diluted Adjusted EPS considers the impact of potentially-dilutive
securities, except in periods in which there is a loss because the
inclusion of the potentially-dilutive securities would have an
anti-dilutive effect.
|
|
|
|
|
Three Months
Ended
|
|
|
Year
Ended
|
|
|
|
December
31,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2019
|
|
|
2018
|
|
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to Chemours
|
|
$
|
|
(317)
|
|
|
$
|
|
142
|
|
|
$
|
|
76
|
|
|
$
|
|
(52)
|
|
|
$
|
|
995
|
|
Adjusted Net
Income
|
|
|
|
92
|
|
|
|
|
185
|
|
|
|
|
98
|
|
|
|
|
419
|
|
|
|
|
1,034
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of common shares
outstanding - basic
|
|
|
|
163,519,362
|
|
|
|
|
171,641,788
|
|
|
|
|
163,815,483
|
|
|
|
|
164,816,839
|
|
|
|
|
176,968,554
|
|
Dilutive effect of the
Company's employee
compensation plans (1)
|
|
|
|
1,370,113
|
|
|
|
|
4,740,652
|
|
|
|
|
1,325,380
|
|
|
|
|
2,428,184
|
|
|
|
|
5,603,467
|
|
Weighted-average
number of common shares
outstanding - diluted (1)
|
|
|
|
164,889,475
|
|
|
|
|
176,382,440
|
|
|
|
|
165,140,863
|
|
|
|
|
167,245,023
|
|
|
|
|
182,572,021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss) earnings
per share of common stock
|
|
$
|
|
(1.94)
|
|
|
$
|
|
0.83
|
|
|
$
|
|
0.46
|
|
|
$
|
|
(0.32)
|
|
|
$
|
|
5.62
|
|
Diluted (loss)
earnings per share of common stock (1)
|
|
|
|
(1.94)
|
|
|
|
|
0.81
|
|
|
|
|
0.46
|
|
|
|
|
(0.32)
|
|
|
|
|
5.45
|
|
Adjusted basic
earnings per share of common stock
|
|
|
|
0.56
|
|
|
|
|
1.08
|
|
|
|
|
0.60
|
|
|
|
|
2.54
|
|
|
|
|
5.85
|
|
Adjusted diluted
earnings per share of common stock (1)
|
|
|
|
0.56
|
|
|
|
|
1.05
|
|
|
|
|
0.59
|
|
|
|
|
2.51
|
|
|
|
|
5.67
|
|
|
|
(1)
|
In periods where the
Company incurs a net loss, the impact of potentially dilutive
securities is excluded from the calculation of EPS under U.S. GAAP,
as their inclusion would have an anti-dilutive effect. As such,
with respect to the U.S. GAAP measure of diluted EPS, the impact of
potentially dilutive securities is excluded from our calculation
for the three and twelve months ended December 31, 2019. With
respect to the non-GAAP measure of adjusted diluted EPS, the impact
of potentially dilutive securities is included in our calculation
for the three and twelve months ended December 31, 2019, as
Adjusted Net Income was in a net income position.
|
The Chemours
Company
Reconciliation of
Non-GAAP Financial Measures to GAAP Financial Measures
(Unaudited)
(Dollars in
millions, except per share amounts)
|
|
2020 Estimated
Adjusted EBITDA and Estimated Adjusted EPS to Estimated GAAP Net
Income Reconciliation (*)
|
|
|
|
Year Ended
December 31, 2020
|
|
|
|
Low
|
|
|
High
|
|
Net income
attributable to Chemours
|
|
$
|
405
|
|
|
$
|
556
|
|
Transaction
costs
|
|
|
23
|
|
|
|
30
|
|
Adjusted Net
Income
|
|
|
428
|
|
|
|
586
|
|
Interest expense,
net
|
|
|
215
|
|
|
|
220
|
|
Depreciation and
amortization
|
|
|
309
|
|
|
|
309
|
|
Provision for income
taxes
|
|
|
98
|
|
|
|
135
|
|
Adjusted
EBITDA
|
|
$
|
1,050
|
|
|
$
|
1,250
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of common shares outstanding - basic (1)
|
|
|
163.5
|
|
|
|
163.5
|
|
Dilutive effect of
the Company's employee compensation plans (1,2)
|
|
|
1.4
|
|
|
|
1.4
|
|
Weighted-average
number of common shares outstanding - diluted (1,2)
|
|
|
164.9
|
|
|
|
164.9
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share of common stock
|
|
$
|
2.48
|
|
|
$
|
3.40
|
|
Diluted earnings per
share of common stock (2)
|
|
|
2.46
|
|
|
|
3.37
|
|
Adjusted basic
earnings per share of common stock
|
|
|
2.62
|
|
|
|
3.58
|
|
Adjusted diluted
earnings per share of common stock (2)
|
|
|
2.60
|
|
|
|
3.55
|
|
|
|
(1)
|
The Company's
estimates for the weighted-average number of common shares
outstanding - basic and diluted reflect results for the three
months ended December 31, 2019, which are carried forward for the
projection period.
|
(2)
|
Diluted earnings per
share is calculated using net income available to common
shareholders divided by diluted weighted-average common shares
outstanding during each period, which includes unvested restricted
shares. Diluted earnings per share considers the impact of
potentially dilutive securities except in periods in which there is
a loss because the inclusion of the potential common shares would
have an anti-dilutive effect.
|
(*)
|
The Company's
estimates reflect its current visibility and expectations based on
market factors, such as currency movements, macro-economic factors,
and end-market demand. Actual results could differ materially from
these current estimates.
|
The Chemours
Company
Reconciliation of
Non-GAAP Financial Measures to GAAP Financial Measures
(Unaudited)
(Dollars in
millions)
|
|
Free Cash Flows to
GAAP Cash Flow Provided by Operating Activities
Reconciliation
|
|
Free Cash Flows is
defined as cash flow provided by (used for) operating activities,
less purchases of property, plant, and equipment as shown in the
consolidated statements of cash flows.
|
|
|
|
Three Months
Ended
|
|
|
Year
Ended
|
|
|
|
December
31,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2019
|
|
|
2018
|
|
Cash flow provided by
operating activities
|
|
$
|
|
400
|
|
|
$
|
|
259
|
|
|
$
|
|
288
|
|
|
$
|
|
650
|
|
|
$
|
|
1,140
|
|
Less: Purchases of
property, plant, and equipment
|
|
|
|
(96)
|
|
|
|
|
(154)
|
|
|
|
|
(128)
|
|
|
|
|
(481)
|
|
|
|
|
(498)
|
|
Free Cash
Flows
|
|
$
|
|
304
|
|
|
$
|
|
105
|
|
|
$
|
|
160
|
|
|
$
|
|
169
|
|
|
$
|
|
642
|
|
2020 Estimated
Free Cash Flow to GAAP Cash Flow Provided by Operating Activities
Reconciliation (*)
|
|
|
|
(Estimated)
|
|
|
Year Ended
December 31,
|
|
|
2020
|
Cash flow provided by
operating activities
|
|
$
|
>750
|
Less: Purchases of
property, plant, and equipment
|
|
|
~(400)
|
Free Cash
Flows
|
|
$
|
>350
|
|
|
(*)
|
The Company's
estimates reflect its current visibility and expectations based on
market factors, such as currency movements, macro-economic factors,
and end-market demand. Actual results could differ materially from
these current estimates.
|
Return on Invested
Capital Reconciliation
|
|
Return on Invested
Capital ("ROIC") is defined as Adjusted EBITDA, less depreciation
and amortization ("Adjusted EBIT"), divided by the average of
invested capital, which amounts to net debt, or debt less cash and
cash equivalents, plus equity.
|
|
|
|
Year Ended
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
Adjusted EBITDA
(1)
|
|
$
|
1,020
|
|
|
$
|
1,740
|
|
Less: Depreciation
and amortization (1)
|
|
|
(311)
|
|
|
|
(284)
|
|
Adjusted
EBIT
|
|
|
709
|
|
|
|
1,456
|
|
|
|
|
|
|
|
|
|
|
Total debt
|
|
|
4,160
|
|
|
|
3,972
|
|
Total
equity
|
|
|
695
|
|
|
|
1,020
|
|
Less: Cash and cash
equivalents
|
|
|
(943)
|
|
|
|
(1,201)
|
|
Invested capital,
net
|
|
$
|
3,912
|
|
|
$
|
3,791
|
|
|
|
|
|
|
|
|
|
|
Average invested
capital (2)
|
|
$
|
4,102
|
|
|
$
|
3,717
|
|
|
|
|
|
|
|
|
|
|
Return on Invested
Capital
|
|
|
17
|
%
|
|
|
39
|
%
|
|
|
(1)
|
Based on amounts for
the year ended December 31, 2019 and 2018. Reconciliations of
Adjusted EBITDA to net income (loss) attributable to Chemours are
provided on a quarterly basis. See the preceding table for the
reconciliation of Adjusted EBITDA to net income attributable to
Chemours for the years ended December 31, 2019 and 2018.
|
(2)
|
Average invested
capital is based on a five-quarter trailing average of invested
capital, net.
|
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SOURCE The Chemours Company