The Chemours Company announced financial results for the first quarter 2017.
 
First quarter net sales were $1.4 billion, an increase of 11% from $1.3 billion in the prior-year quarter. Volume growth in Titanium Technologies and Fluoroproducts drove a 15% increase in revenue and higher prices in Titanium Technologies added another 5%. These results were reduced by 8% due to the portfolio effects of divestitures within Chemical Solutions and approximately 1% related to negative currency translation year-over-year.
 
First quarter net income was $150 million, or $0.79 per diluted share, versus net income of $51 million, or $0.28 per diluted share in last year’s first quarter. Adjusted EBITDA for the first quarter 2017 improved by $157 million to $285 million versus $128 million in the first quarter of 2016.
 
“We began 2017 with great business performance across all three segments, bolstered by growth of Opteon refrigerants and improved pricing and demand for Ti-Pure titanium dioxide,” Mark Vergnano, Chemours president and CEO, said. “These results demonstrate that we are getting the full benefit of both market momentum and the strength that is embedded in our businesses and employees. As a result, Adjusted EBITDA margin doubled versus last year’s first quarter.”
 
In the first quarter, Titanium Technologies segment sales were $646 million, a 24% increase versus the prior-year quarter. Global average selling prices and demand for Ti-Pure products both increased year-over-year. Segment Adjusted EBITDA was $159 million, a 194% year-over-year increase. Results were driven by improved pricing, increased Ti-Pure TiO2 volumes and production efficiencies.