The Chemours Company Reports 4Q, Full Year 2022 Results

2023-02-13

财报

The Chemours Company announced its financial results for the fourth quarter and full year 2022. For 2022, net sales were $6.8 billion, up 7%, or $0.4 billion, from 2021. Net sales rose on a year-over-year basis driven by strong pricing, partially offset by lower Titanium Technologies (TT) volume, especially in the second half of the year, and currency headwinds. 2022 net income of $578 million resulted in EPS of $3.65. Adjusted net income rose 9% to $738 million, while adjusted EPS rose $0.66 to $4.66 for the full year. Adjusted EBITDA for 2022 was $1,361 million, up 4% from 2021. Free cash flow was $447 million, demonstrating continuing ability to generate strong free cash flow. Fourth quarter 2022 net sales were $1.3 billion, 15% lower than the prior-year quarter. Higher pricing was more than offset by lower volume and currency headwinds, leading to the decline in results on a year-over-year basis. Fourth quarter net loss was $97 million, resulting in EPS of $(0.65). Adjusted Net Income was less than $1 million. Adjusted EPS was $0.00, down $0.81 vs. the prior-year quarter. Adjusted EBITDA for the fourth quarter 2022 was $120 million in comparison to $307 million in the prior-year fourth quarter, a result of lower volumes and cost headwinds related to raw material cost inflation and logistics, partially offset by pricing. “We delivered growth in net sales and adjusted EBITDA in 2022 despite a challenging fourth quarter during which we faced higher raw material costs and demand weakness in Europe and Asia, leading to lower operating rates. In 2022, we achieved a number of milestones, including record net sales and adjusted EBITDA in both our TSS and APM segments,” said Mark Newman, Chemours president and CEO. “I am immensely proud of how our global team responded to the challenges we faced while consistently serving our customers at the highest level. We executed on our growth strategies in our TSS and APM segments, met our commitments to TT customers, and returned significant cash to shareholders.” Titanium Technologies segment full year 2022 net sales were $3.4 billion, roughly flat to full year 2021. Results reflect a 17% increase in price offset by a 14% volume decline and 2% currency headwind. Positive price was the result of contractual price increases throughout 2022, along with higher year-over-year average price with our Flex customers and Distribution partners. Volume declines were the result of output constraints due to ore shortages in the first half of the year and demand weakness in the second half of the year. Demand started to weaken, particularly in Europe and Asia Pacific, in the third quarter of 2022, and weakened further in the fourth quarter. Adjusted EBITDA fell $198 million to $601 million. As of Dec. 31, 2022, consolidated gross debt was $3.6 billion. Debt, net of $1.1 billion cash, was $2.5 billion, resulting in a net leverage ratio of approximately 1.9x times on a trailing twelve-month adjusted EBITDA basis. Free cash flow for the year 2022 was $447 million vs. $543 million in 2021. “Our outlook contemplates a weaker start to 2023 with conditions improving in the second half of the year and continued secular growth in key parts of our TSS and APM businesses,” Newman concluded. “Longer term, we continue to focus on improving the earnings profile of our TT business, while investing to capture growth from mega-trends underpinning TSS and APM.”

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机构

The Chemours Company FC LLC