Wilmington, Delaware — Blowing-agent company Chemours saw sales in its fluoropolymer segment rise to $ 710 m in the second quarter of 2017 up 24% on the same period last year, the company said in a release.
Chemours fluoropolymers continue strong growth in Q2
The quarterly change in sales of 23% by volume in the fluoropolymer product segment drove this growth, the company said.
Earnings before interest tax depreciation and amortisation in the segment increased by 87% to $ 297 m in the second quarter of 2017 compared to $105 m in the second quarter of 2016.
Overall, in the first half of 2017 Chemours' net sales reached $ 3 bn compared to $ 2.7 bn in the first half of 2016. The company recorded a gross profit of $ 799 m in the first half of 2017, while in the first half of 2016 gross profit was $468 m.
Chemours CEO Mark Vergano said his firm's Opteon refrigerants and blowing agents are benefiting from an ‘adoption ramp-up,’ which, he added, ‘remains in full force, leading to double-digit volume growth reported within fluoroproducts. These resulted in higher volumes and significant margin improvement year-over-year. We plan to build on the momentum of the first half and now expect to deliver 2017 adjusted EBITDA with a range of 1.3 to $ 1.4 bn.’