Chemours posts sharp increases in quarterly, annual results
(AP) — Chemours, the former performance chemicals unit of Dupont Co., is reporting net income of $228 million for its most recent quarter.
That’s a big swing from the $230 million loss Chemours reported in the fourth quarter of 2016, which included a one-time $335 million charge to settle thousands of lawsuits over the release of a chemical used in Teflon production from a DuPont plant in West Virginia several years ago.
The company on Wednesday also reported net income for the full year of $746 million, compared to net income of $7 million in 2016.
Chemours attributed the improvement in financial results primarily to higher prices and increased volume across all businesses, partially offset by higher spending on corporate restructuring, performance-based compensation, and certain higher raw material costs.