Wilmington, Delaware – Chemours , which makes blowing agents and inorganic chemicals, made total sales of $1.4 bn in the first quarter of 2021 up 10% on the same period last year.
Profits up at Chemours blowing agent division in Q1 2021
Gross Profit across the business was almost unchanged at $297m in the first quarter of 2021.
'We are off to a great start in 2021 as the broad economic recovery drove strong year-over-year and sequential volume growth across the majority of our portfolio, leading to the highest quarterly sales total in more than 2-years,' said Chemours President and CEO Mark Vergnano.
The company's Thermal & Specialized Solutions division is home to its blowing agents. In this division, sales declined by 1.3% between the first quarter of 2020 and the first quarter of 2021 to $304m in the first quarter of 2021. This compares with $308m in the equivalent period in 2020.
At the same time, gross profit in the division rose 5.7%. It reached $93m in the first quarter of 2021. This compares with $88m in the equivalent period in 2020. Sales were helped by the use of Opteon products in automotive air conditioning systems. The company also opened a new production plant in Corpus Christi, Texas. This and cost discipline helped overcome the additional costs caused by winter storm Uri, which hit Texas in February this year.