Chemours posts slight profit for 2016
DOVER, Del. (AP) — Chemours, the former performance chemicals unit of Dupont, says it posted a net loss of $230 million in the fourth quarter of 2016 but eked out a slight profit for the year.
The company on Wednesday said fourth-quarter results included a $335 million charge to settle thousands of lawsuits claiming that the release of a chemical used in Teflon production from a DuPont plant in West Virginia several years ago contaminated drinking water and caused illnesses, including cancer.
Excluding one-time items, quarterly adjusted net income totaled $15 million, or eight cents per share.
For the full year, Chemours reported net income of $7 million, or four cents per share, compared to a loss of $90 million, or 50 cents per share, in 2015. Sales declined 6 percent to $5.4 billion.