MOSCOW (MRC) -- Chemours reported on Monday a year-on-year rise in Q1 net income because sales rose faster than costs, said the company.
Quarter on quarter, volumes rose by 3%, although production continued to be constrained because of limited supplies of ore, which are needed to make titanium dioxide (TiO2). Chemours expects challenges in securing ore supplies will continue into the second half of the year.
For Thermal & Specialized Solutions, volumes rose 1% and pricing rose 40%. Chemours noted strong end-markets with the exception of automobiles. The automotive industry continues to struggle with shortages of semiconductors.
Meanwhile, regulators around the world continue to phase out older generations of refrigerants, which is increasing demand for newer products such as Chemours' Opteon line of hydrofluoroolefins (HFOs). Quarter on quarter, volumes rose by 23% and pricing rose by 21%. The segment makes fluorochemicals.
For Advanced Performance Materials, volumes rose by 3% and pricing rose by 15%. Pricing rose to offset higher costs for raw materials and energy. In addition, Chemours sold higher-margin products to the advanced electronics and clean-energy markets.
Volumes rose because of higher global demand in nearly every region and end-market. Quarter on quarter, volumes rose by 6% and pricing rose by 5%. The segment makes fluoropolymers such as Teflon.
As per MRC, Chemours has suspended business with Russian entities in response to Russian President Vladimir Putin’s ongoing military attack on Ukraine and the resulting humanitarian crisis.
As per MRC, Chemours says it is looking to achieve a 60% absolute reduction of operations-related greenhouse gas emissions by 2030, and net zero greenhouse gas emissions by 2050. In addition to refrigerants, Chemours is a major producer of titanium dioxide, industrial fluoropolymer resins and derivatives and other chemical solutions.
Chemours is a global leader in titanium technologies, fluoroproducts and chemical solutions, providing its customers in a wide range of industries with market-defining products, application expertise and chemistry-based innovations. Chemours ingredients are found in plastics and coatings, refrigeration and air conditioning, mining and oil refining operations and general industrial manufacturing. The company has approximately 6,500 employees and 30 manufacturing sites serving approximately 3,300 customers in approximately 120 countries in North America, Latin America, Asia-Pacific and Europe. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC.