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Chemours posts sharp increases in quarterly, annual results

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(AP) β€” 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.

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