The Chemours Company, a global chemistry company with leading market positions in Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions, has posted Q32021 net Sales of $1.7 billion, up 36% year-over-year. The company posted net income of $214 million with EPS of $1.27, up $0.81 year-over-year.

"The Chemours team continues to demonstrate resilience along with a renewed focus on sustainable growth of our key businesses. We have met every challenge head on, continue to prioritize and serve our customers, and uphold our commitments to all stakeholders despite the difficult operating environment," said Chemours President and CEO Mark Newman.

"Our strong top line, bottom line and cash results in the quarter demonstrate the strength of this business and the progress we are making towards better quality of earnings and higher shareholder returns. I am confident that we have the right business strategies, an inspired group of leaders and empowered employees to consistently deliver across cycles and over time."

Third quarter 2021 net sales were $1.7 billion, 36% higher than the prior-year quarter. 25% volume growth was the primary driver of the better year-over-year sales performance with positive contributions from every segment. 11% higher pricing and 1% favorable currency translation more than offset a 1% portfolio impact stemming from the exit of our Aniline business in the fourth quarter 2020.

The 2% sequential sales improvement was driven primarily by strengthening pricing trends across the portfolio. Volume declined 2% quarter-over-quarter as strong market demand in most product categories was offset by certain customer production constraints, raw material availability, and typical seasonal factors across different parts of the portfolio.

Third quarter Net Income was $214 million, or $1.27 of EPS. Adjusted Net Income was $214 million. Adjusted EPS was $1.27, up $0.80 vs. the prior-year quarter. Adjusted EBITDA for the third quarter 2021 was $372 million in comparison to $210 million in the prior-year third quarter, a result of higher volume, pricing and a favorable currency impact, partially offset by incremental cost headwinds associated with higher plant fixed costs to increase production to meet higher demand, raw material inflation, and higher performance-related compensation expense.

On the outlook, Newman commented, "On the back of the strong performance in Q3, we are raising our expectations for the full year. Our new guidance reflects our expectation for strong Q4 demand, inclusive of typical seasonal patterns and against a backdrop of ongoing logistics and supply chain challenges. We expect 2021 Adjusted EBITDA within a range of $1,300 million to $1,340 million and Free Cash Flow of greater than $500 million. Longer term, our earnings and cash flow will reflect the ever-increasing value we are delivering for our customers through our unique product offering and industry leading reliability."