Chemours posted strong numbers in the first quarter of 2017.
Net sales are up 11 percent for the Wilmington-based chemical company, at $1.4 billion.Net profits are up too, at $150 million. That’s a $99 million increase from Q1 last year.
In a statement CEO Mark Vergnano attributed the strong quarter in part to the performance of the company’s Opteon refrigerant products and increased demand for Ti-Pure titanium dioxide.
"We continue to anticipate that performance will remain strong for both Ti-Pure™ titanium dioxide and Opteon™ refrigerants. We have seen earlier than anticipated demand for some of these products, and as a result, expect first half and second half profitability to be more balanced than we saw in 2016," said Vergnano in his statement. "Guided by our transformation plan, we believe we are well positioned for the remainder of 2017, as we continue to strengthen our businesses and benefit from positive market conditions."
The company’s chemical solutions segment saw a 43 percent decline.
Chemours’ first quarter report also shows it reduced its debt to $2.7 billion - which now sits just below its target ratio of debt to profit. The company was seeking to hit 3 times - the ratio stands at 2.7 times.
The strong first quarter report continues a string of positive earning reports for Chenours.
In February, Chemours reported it ended its 2016 fiscal year with $7 million in profit despite paying out a costly settlement to thousands of people claiming the DuPont spinoff is responsible for their cancer diagnoses. That was nearly $100 million more than it made in 2015.
In the 4th quarter of last year, Chemours lost $230 million – mostly due to its $335 million share of a joint settlement with DuPont to end more than 3,500 pending lawsuits over alleged PFOA dumping in Ohio River Valley.
