Wilmington, Delaware — Blowing-agent company Chemours saw sales in its Fluoroproducts segment rise to $652 m in the first quarter of 2017.
This was a 23% increase compared to the first quarter of 2016, driven by solid demand for refrigerants and fluoropolymers, however prices declined in the division compared to the same quarter last year because of an unfavourable product mix, Chemours said.
Adjusted earnings before interest taxation depreciation and amortisation (EBITDA) were $155 m up 82% compared to the first quarter of 2016, a result of the increased volume partially offset by lower prices, the company said.
Overall Chemours saw first-quarter sales up 11% to $1.4 bn and adjusted EBITDA of $285 m up 123% demonstrating margin improvement across all segments.
President and ceo Mark Vergnano said: "We begin 2017 with great business performance across all three segments bolstered by the growth of Opteon and refrigerants. These results demonstrate we are getting the full benefit both of market momentum and the strength that is embedded in our business and employees."
Looking ahead, he said "we anticipate that performance will remain strong for Opteon refrigerants. We have seen earlier-than-anticipated demand for some of these products, and as a result, expect the first half and second-half profitability to be more balance than we saw in 2016."