Chemours doubles net income

USA: Refrigerant manufacturer Chemours has reported a first quarter sales increase of 20% and a near doubling of net income compared to 2017.

First quarter net sales were $1.7bn, a 20% increase on the $1.4 billion in the previous-year quarter.  Net income was $297m in the same period, up 98% on last year’s net income of $150m.

Volume growth was seen across all three segments of the company’s business –  Fluoroproducts, Chemical Solutions and Titanium Technologies.

“Last year’s momentum has continued into 2018,” commented Chemours president and CEO Mark Vergnano. “We are delivering improved business performance across the company driven by preference for our Ti-Pure titanium dioxide, continued Opteon refrigerant adoption, and increased demand for our fluoropolymers products.

The Fluoroproducts segment, which includes its refrigerants business, saw sales in the first quarter reach $732m, a 12% increase in comparison to the prior-year quarter. Opteon refrigerant sales growth and continued demand for fluoropolymers drove volume increases versus last year’s first quarter.

Vergnano also confirmed the completion of Chemours’ acquisition of US refrigerant supplier ICOR International. “Our first targeted acquisition bolsters our refrigerant portfolio and broadens our channel access across our markets as we continue to expand our low GWP Opteon portfolio,” he said.

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