The Chemours Company Reports First Quarter 2023 Results

the-chemours-company-reports-first-quarter-2023-results

Strong first quarter in Thermal & Specialized Solutions, company reaffirming full year 2023 Adjusted EBITDA and Free Cash Flow guidance

WILMINGTON, Del.–(BUSINESS WIRE)–The Chemours Company (“Chemours”) (NYSE: CC), a global chemistry company with leading market positions in Titanium Technologies (TT), Thermal & Specialized Solutions (TSS), and Advanced Performance Materials (APM), today announced its financial results for the first quarter 2023.

First Quarter 2023 Results & Highlights

  • Net Sales of $1.5 billion
  • Net Income of $145 million with EPS1 of $0.96
  • Adjusted Net Income* of $148 million with Adjusted EPS* of $0.98
  • Adjusted EBITDA* of $304 million
  • Achieved record first quarter results in TSS, reflecting strong pricing and demand for our Opteon™ solutions
  • Appointed Denise Dignam as President, Titanium Technologies & Chemical Solutions, Gerardo Familiar named President, Advanced Performance Materials
  • Received two awards from U.S. Department of Energy (DOE) through its Better Buildings, Better Plants Initiative
  • On April 27, 2023, the Company’s Board of Directors approved a second quarter dividend of $0.25 per share, consistent with the prior quarter

“Chemours’ strong start to 2023 was driven by the growth underway in our TSS and APM segments. In TSS, demand for our Opteon™ low global warming potential thermal management solutions resulted in record first quarter Net Sales and Adjusted EBITDA, while APM delivered continued growth in our Performance Solutions portfolio which is essential to clean energy and advanced electronics applications,” said Mark Newman, Chemours President and CEO. “In our TT business, the near-term demand outlook remains mixed. Although destocking in Europe and China is largely behind us, global macroeconomic uncertainty will likely result in a more gradual recovery this year. Chemours remains committed to our key drivers of long-term shareholder value creation, and I want to recognize our global team for their focus in delivering strong first quarter results.”

First quarter 2023 Net Sales were $1.5 billion, (13)% lower than the prior-year quarter, driven by lower TT revenues. Price was a positive contributor to the results, up 6%, offset by lower volumes of (18)% and currency headwinds of (1)%, on a year-over-year basis.

First quarter Net Income was $145 million, resulting in EPS of $0.96, down $(0.47) vs. the prior-year quarter. Adjusted Net Income was $148 million. Adjusted EPS was $0.98, down $(0.48), or approximately (33)% vs. the prior-year quarter. Adjusted EBITDA for the first quarter of 2023 declined (25)% to $304 million in comparison to $403 million in the prior-year first quarter, driven primarily by TT results. Price continued to be ahead of cost in the first quarter, offset by the impact of lower volumes of (29)%. Currency was a (4)%, or $(15) million, headwind vs. the prior-year quarter due to a stronger USD.

_________________________________

1 Earnings per share (EPS) on diluted basis

Segment Results

Titanium Technologies (TT)

Delivering high-quality Ti-Pure™ pigment through customer-centered innovation and sustainability leadership

 

Q1 2023

 

Q1 2022

 

Change

Titanium Technologies

 

 

 

 

 

 

Net sales ($ million)

 

$632

 

$928

 

(32%)

Adjusted EBITDA ($ million)

 

$70

 

$206

 

(66%)

Adjusted EBITDA Margin

 

11%

 

22%

 

(11) ppts

In the first quarter, Titanium Technologies segment Net Sales were $632 million, down $(296) million, or (32)%, from $928 million in the prior-year quarter. Compared with the prior-year quarter, price increased 4%, offset by a (35)% decline in volume, while currency was a (1)% headwind. Prices increased primarily due to contractual price changes and actions to offset higher year-over-year inflation. Volumes decreased due to softer market demand in all regions. Segment Adjusted EBITDA was $70 million, down (66)% compared to the prior-year quarter, resulting in Adjusted EBITDA Margin of 11%. The decreases in segment Adjusted EBITDA and Adjusted EBITDA Margin over the prior-year quarter were primarily attributable to the aforementioned decrease in sales volumes, the effects of inflation on costs, and lower fixed cost absorption.

On a sequential basis, Net Sales increased by 4%. Price and volume were up 2% and 1%, respectively, while currency was a slight tailwind of 1% over the prior quarter.

Thermal & Specialized Solutions (TSS)

Driving innovation in low GWP thermal management solutions to support customer transitions to more sustainable products

 

Q1 2023

 

Q1 2022

 

Change

Thermal & Specialized Solutions

 

 

 

 

 

 

Net sales ($ million)

 

$486

 

$425

 

14%

Adjusted EBITDA ($ million)

 

$185

 

$174

 

6%

Adjusted EBITDA Margin

 

38%

 

41%

 

(3) ppts

In the first quarter, Thermal & Specialized Solutions reported record segment Net Sales of $486 million, up $61 million, or 14%, from $425 million in the prior-year quarter. Compared with the prior-year quarter, price increased 5%, and volume increased 10%, while currency was a slight headwind of (1)%. Price increased across the portfolio, excluding automotive end-markets, due to changing market and regulatory dynamics as well as steady value-based pricing growth in our refrigerants portfolio. Volumes increased due to strong automotive OEM demand and continued adoption of lower GWP OpteonTM products. Versus the prior-year quarter, segment Adjusted EBITDA improved $11 million, or 6%, to $185 million driven by the aforementioned increase in price and sales volumes, partially offset by higher raw material costs and the continued effects of inflation on other costs, resulting in Adjusted EBITDA Margin of 38%.

On a sequential basis, Net Sales increased by 52%. Price and volume increased 18% and 34% respectively, reflecting continued Opteon™ adoption, seasonal demand trends and regional mix.

Advanced Performance Materials (APM)

Creating a clean energy and advanced electronics powerhouse

 

Q1 2023

 

Q1 2022

 

Change

Advanced Performance Materials

 

 

 

 

 

 

Net sales ($ million)

 

$388

 

$385

 

1%

Adjusted EBITDA ($ million)

 

$84

 

$88

 

(5%)

Adjusted EBITDA Margin

 

22%

 

23%

 

(1) ppt

In the first quarter, Advanced Performance Materials segment Net Sales were $388 million, up $3 million, or 1%, from $385 million in the prior-year quarter. Compared with the prior-year quarter, price increased 10%, while volume declined (7)%, and currency was a headwind of (2)%. Prices increased due to increasing sales in high-value end-markets, including advanced electronics and clean energy, in the Performance Solutions portfolio, as well as customer level pricing actions to offset increased raw material and energy costs. Volume decreased due to demand softening in the Advanced Materials portfolio, which serves more economically sensitive end-markets, and lower demand in non-strategic end-markets where some volume fade has been anticipated given our strategy to drive higher value, differentiated product offerings. Versus the prior-year quarter, Adjusted EBITDA was down $(4) million, or (5%), to $84 million resulting in Adjusted EBITDA Margin of 22%. The decreases in segment Adjusted EBITDA and Adjusted EBITDA Margin for the quarter were primarily attributable to the aforementioned decrease in sales volume driving lower fixed cost absorption, impact of higher raw material costs, and the continued effects of inflation on other costs.

On a sequential basis, Net Sales increased by 2%. Price increased by 2%, and volume was down (2)%, while currency was a slight tailwind of 2%.

Other Segment

The remaining Chemical Solutions business in Other Segment had Net Sales and Adjusted EBITDA in the first quarter 2023 of $30 million and $10 million, respectively.

Corporate and Other Activities

Corporate and Other was an offset to first quarter Adjusted EBITDA of $(45) million vs. $(65) million in the prior-year quarter. The decrease over the prior-year quarter was primarily attributable to lower legacy environmental and legal costs and lower long-term performance-related compensation.

Liquidity

As of March 31, 2023, consolidated gross debt was $3.6 billion. Debt, net of $0.8 billion cash, was $2.8 billion, resulting in a net leverage ratio of approximately 2.2 times on a trailing twelve-month Adjusted EBITDA basis. Total liquidity was $1.6 billion, comprised of $0.8 billion cash, and $0.8 billion of revolving credit facility capacity, net of outstanding letters of credit.

Cash used in operating activities for the first quarter of 2023 was $(119) million vs. $2 million cash provided by operating activities in the prior-year quarter. Capital expenditures for the first quarter of 2023 were $91 million vs. $106 million in the prior-year first quarter. Free Cash Flow for the first quarter of 2023 was $(210) million vs. $(104) million in the prior-year quarter. In the quarter, we repurchased $14 million of common stock.

Guidance

The Company is reaffirming its full year 2023 Adjusted EBITDA and Free Cash Flow guidance. The Company expects full year 2023 Adjusted EBITDA to be within the range of $1.20 – $1.30 billion and expects Free Cash Flow of greater than $350 million, inclusive of approximately $400 million of capital expenditures.

Mr. Newman concluded, “I am proud of the quarter we delivered as we continue to demonstrate the resiliency and growth potential of our portfolio. We are maintaining our guidance range and remain focused on our five key priorities to create long-term shareholder value, even as we closely monitor the ever-changing economic landscape.”

Conference Call

As previously announced, Chemours will hold a conference call and webcast exclusively for Q&A on April 28, 2023, at 8:00 AM Eastern Daylight Time. A transcript of the prepared remarks 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 Chemours’ investor website.

About The Chemours Company

The Chemours Company (NYSE: CC) is a global leader in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials providing its customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations. We deliver customized solutions with a wide range of industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, general industrial, and oil and gas. Our flagship products include prominent brands such as Ti-Pure™, Opteon™, Freon™, Teflon™, Viton™, Nafion™, and Krytox™. The company has approximately 6,600 employees and 29 manufacturing sites serving approximately 2,900 customers in approximately 120 countries. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC.

For more information, we invite you to 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, 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, 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 GAAP Financial Measures to Non-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 Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, 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 for our segments individually and our company as a whole, business plans, prospects, targets, goals and commitments, capital investments and projects and target capital expenditures, plans for dividends or share repurchases, sufficiency or longevity of intellectual property protection, cost reductions or 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, 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, such as full year guidance relying on models based upon management assumptions regarding future events that are inherently uncertain. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours’ control. Matters outside our control, including general economic conditions and the COVID-19 pandemic, have affected or may affect our business and operations and may or may continue to hinder our ability to provide goods and services to customers, cause disruptions in our supply chains such as through strikes, labor disruptions or other events, adversely affect our business partners, significantly reduce the demand for our products, adversely affect the health and welfare of our personnel or cause other unpredictable events. 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and in our Annual Report on Form 10-K for the year ended December 31, 2022. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.

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

 

The Chemours Company

Consolidated Statements of Operations (Unaudited)

(Dollars in millions, except per share amounts)

 

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

Net sales

 

$

1,536

 

 

$

1,764

 

Cost of goods sold

 

 

1,168

 

 

 

1,278

 

Gross profit

 

 

368

 

 

 

486

 

Selling, general, and administrative expense

 

 

124

 

 

 

141

 

Research and development expense

 

 

26

 

 

 

30

 

Restructuring, asset-related, and other charges

 

 

16

 

 

 

11

 

Total other operating expenses

 

 

166

 

 

 

182

 

Equity in earnings of affiliates

 

 

12

 

 

 

11

 

Interest expense, net

 

 

(42

)

 

 

(41

)

Other income, net

 

 

1

 

 

 

6

 

Income before income taxes

 

 

173

 

 

 

280

 

Provision for income taxes

 

 

28

 

 

 

46

 

Net income

 

 

145

 

 

 

234

 

Net income attributable to Chemours

 

$

145

 

 

$

234

 

Per share data

 

 

 

 

 

 

Basic earnings per share of common stock

 

$

0.97

 

 

$

1.46

 

Diluted earnings per share of common stock

 

 

0.96

 

 

 

1.43

 

The Chemours Company

Consolidated Balance Sheets (Unaudited)

(Dollars in millions, except per share amounts)

 

 

 

March 31, 2023

 

 

December 31, 2022

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

816

 

 

$

1,102

 

Accounts and notes receivable, net

 

 

837

 

 

 

626

 

Inventories

 

 

1,486

 

 

 

1,404

 

Prepaid expenses and other

 

 

63

 

 

 

82

 

Total current assets

 

 

3,202

 

 

 

3,214

 

Property, plant, and equipment

 

 

9,499

 

 

 

9,387

 

Less: Accumulated depreciation

 

 

(6,319

)

 

 

(6,216

)

Property, plant, and equipment, net

 

 

3,180

 

 

 

3,171

 

Operating lease right-of-use assets

 

 

238

 

 

 

240

 

Goodwill

 

 

102

 

 

 

102

 

Other intangible assets, net

 

 

10

 

 

 

13

 

Investments in affiliates

 

 

185

 

 

 

175

 

Restricted cash and restricted cash equivalents

 

 

205

 

 

 

202

 

Other assets

 

 

502

 

 

 

523

 

Total assets

 

$

7,624

 

 

$

7,640

 

Liabilities

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

1,166

 

 

$

1,251

 

Compensation and other employee-related cost

 

 

83

 

 

 

121

 

Short-term and current maturities of long-term debt

 

 

25

 

 

 

25

 

Current environmental remediation

 

 

171

 

 

 

194

 

Other accrued liabilities

 

 

300

 

 

 

300

 

Total current liabilities

 

 

1,745

 

 

 

1,891

 

Long-term debt, net

 

 

3,599

 

 

 

3,590

 

Operating lease liabilities

 

 

195

 

 

 

198

 

Long-term environmental remediation

 

 

477

 

 

 

474

 

Deferred income taxes

 

 

60

 

 

 

61

 

Other liabilities

 

 

320

 

 

 

319

 

Total liabilities

 

 

6,396

 

 

 

6,533

 

Commitments and contingent liabilities

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Common stock (par value $0.01 per share; 810,000,000 shares authorized; 196,365,544 shares issued and 149,107,764 shares outstanding at March 31, 2023; 195,375,810 shares issued and 148,504,030 shares outstanding at December 31, 2022)

 

 

2

 

 

 

2

 

Treasury stock, at cost (47,257,780 shares at March 31, 2023; 46,871,780 shares at December 31, 2022)

 

 

(1,751

)

 

 

(1,738

)

Additional paid-in capital

 

 

1,004

 

 

 

1,016

 

Retained earnings

 

 

2,278

 

 

 

2,170

 

Accumulated other comprehensive loss

 

 

(306

)

 

 

(343

)

Total Chemours stockholders’ equity

 

 

1,227

 

 

 

1,107

 

Non-controlling interests

 

 

1

 

 

 

 

Total equity

 

 

1,228

 

 

 

1,107

 

Total liabilities and equity

 

$

7,624

 

 

$

7,640

 

The Chemours Company

Consolidated Statements of Cash Flows (Unaudited)

(Dollars in millions)

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

Cash flows from operating activities

 

 

 

 

 

 

Net income

 

$

145

 

 

$

234

 

Adjustments to reconcile net income to cash (used for) provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

79

 

 

 

74

 

Equity in earnings of affiliates, net

 

 

(9

)

 

 

(9

)

Amortization of debt issuance costs and issue discounts

 

 

2

 

 

 

2

 

Deferred tax provision

 

 

1

 

 

 

19

 

Asset-related charges

 

 

11

 

 

 

5

 

Stock-based compensation expense

 

 

4

 

 

 

10

 

Net periodic pension cost

 

 

2

 

 

 

3

 

Defined benefit plan contributions

 

 

(5

)

 

 

(5

)

Other operating charges and credits, net

 

 

(4

)

 

 

6

 

Decrease (increase) in operating assets:

 

 

 

 

 

 

Accounts and notes receivable

 

 

(205

)

 

 

(294

)

Inventories and other operating assets

 

 

(32

)

 

 

(9

)

(Decrease) increase in operating liabilities:

 

 

 

 

 

 

Accounts payable and other operating liabilities

 

 

(108

)

 

 

(34

)

Cash (used for) provided by operating activities

 

 

(119

)

 

 

2

 

Cash flows from investing activities

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

 

(91

)

 

 

(106

)

Proceeds from sales of assets and businesses

 

 

 

 

 

1

 

Foreign exchange contract settlements, net

 

 

(6

)

 

 

(5

)

Cash used for investing activities

 

 

(97

)

 

 

(110

)

Cash flows from financing activities

 

 

 

 

 

 

Debt repayments

 

 

(3

)

 

 

(4

)

Payments on finance leases

 

 

(3

)

 

 

(3

)

Purchases of treasury stock, at cost

 

 

(14

)

 

 

(144

)

Proceeds from exercised stock options, net

 

 

2

 

 

 

6

 

Payments related to tax withholdings on vested stock awards

 

 

(18

)

 

 

(4

)

Payments of dividends to the Company’s common shareholders

 

 

(37

)

 

 

(40

)

Cash used for financing activities

 

 

(73

)

 

 

(189

)

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents

 

 

6

 

 

 

(9

)

Decrease in cash, cash equivalents, restricted cash and restricted cash equivalents

 

 

(283

)

 

 

(306

)

Cash, cash equivalents, restricted cash and restricted cash equivalents at January 1,

 

 

1,304

 

 

 

1,551

 

Cash, cash equivalents, restricted cash and restricted cash equivalents at March 31,

 

$

1,021

 

 

$

1,245

 

 

 

 

 

 

 

 

Supplemental cash flows information

 

 

 

 

 

 

Non-cash investing and financing activities:

 

 

 

 

 

 

Purchases of property, plant, and equipment included in accounts payable

 

$

34

 

 

$

37

 

Treasury Stock repurchased, not settled

 

 

 

 

 

6

 

 

The Chemours Company

Segment Financial and Operating Data (Unaudited)

(Dollars in millions)

Segment Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

 

 

 

 

 

 

 

 

 

 

 

 

Ended

 

 

Sequential

 

 

Three Months Ended March 31,

 

 

Increase /

 

 

December 31,

 

 

Increase /

 

 

2023

 

 

2022

 

 

(Decrease)

 

 

2022

 

 

(Decrease)

 

Titanium Technologies

$

 

632

 

 

$

 

928

 

 

$

 

(296

)

 

$

 

606

 

 

$

 

26

 

Thermal & Specialized Solutions

 

 

486

 

 

 

 

425

 

 

 

 

61

 

 

 

 

320

 

 

 

 

166

 

Advanced Performance Materials

 

 

388

 

 

 

 

385

 

 

 

 

3

 

 

 

 

382

 

 

 

 

6

 

Other Segment

 

 

30

 

 

 

 

26

 

 

 

 

4

 

 

 

 

30

 

 

 

 

0

 

Total Net Sales

$

 

1,536

 

 

$

 

1,764

 

 

$

 

(228

)

 

$

 

1,338

 

 

$

 

198

 

Segment Adjusted EBITDA

 

 

 

 

 

 

 

 

 

Three Months

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ended

 

 

Sequential

 

 

Three Months Ended March 31,

 

 

Increase /

 

 

December 31,

 

 

Increase /

 

 

2023

 

 

2022

 

 

(Decrease)

 

 

2022

 

 

(Decrease)

 

Titanium Technologies

$

 

70

 

 

$

 

206

 

 

$

 

(136

)

 

$

 

42

 

 

$

 

28

 

Thermal & Specialized Solutions

 

 

185

 

 

 

 

174

 

 

 

 

11

 

 

 

 

54

 

 

 

 

131

 

Advanced Performance Materials

 

 

84

 

 

 

 

88

 

 

 

 

(4

)

 

 

 

61

 

 

 

 

23

 

Other Segment

 

 

10

 

 

 

 

 

 

 

 

10

 

 

 

 

1

 

 

 

 

9

 

Corporate and Other

 

 

(45

)

 

 

 

(65

)

 

 

 

20

 

 

 

 

(38

)

 

 

 

(7

)

Total Adjusted EBITDA

$

 

304

 

 

$

 

403

 

 

$

 

(99

)

 

$

 

120

 

 

$

 

184

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin

 

20

%

 

 

 

23

%

 

 

 

 

 

 

 

9

%

 

 

 

 

Quarterly Change in Net Sales from the three months ended March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2023

 

 

Percentage Change vs.

 

Percentage Change Due To

 

 

Net Sales

 

 

March 31, 2022

 

Price

 

Volume

 

Currency

 

Portfolio

 

Total Company

$

 

1,536

 

 

 

(13

)%

 

6

%

 

(18

)%

 

(1

)%

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Titanium Technologies

$

 

632

 

 

 

(32

)%

 

4

%

 

(35

)%

 

(1

)%

 

%

Thermal & Specialized Solutions

 

 

486

 

 

 

14

%

 

5

%

 

10

%

 

(1

)%

 

%

Advanced Performance Materials

 

 

388

 

 

 

1

%

 

10

%

 

(7

)%

 

(2

)%

 

%

Other Segment

 

 

30

 

 

 

15

%

 

27

%

 

(12

)%

 

%

 

%

Contacts

INVESTORS
Jonathan Lock
SVP, Chief Development Officer
+1.302.773.2263
[email protected]

Kurt Bonner
Manager, Investor Relations
+1.302.773.0026
[email protected]

NEWS MEDIA
Thom Sueta
Director, Corporate Communications
+1.302.773.3903
[email protected]

Read full story here

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