Chemours Co (NYSE: CC) stock fell over 3.05% in the pre-market session on Feb 15th, 2019 (Source: Google finance). Cash provided by operating activities for the fourth quarter of 2018 was $259 million, versus $303 million in the prior year quarter. Capital expenditures for the fourth quarter of 2018 were $154 million, versus $165 million in last year’s fourth quarter. Free Cash Flow for the fourth quarter of 2018 was $105 million versus the prior-year quarter of $138 million.
As of December 31, 2018, the gross consolidated debt was $4.0 billion. Debt, net of $1.2 billion cash, was $2.8 billion, resulting in a net leverage ratio of approximately 1.6 times on a trailing twelve-month basis. For the full-year 2018, cash provided by operating activities was $1.1 billion, a 78 percent increase versus $640 million in 2017, which included the PFOA MDL settlement payment made in 2017. Capital expenditures for 2018 were $498 million in comparison to $411 million in full-year 2017. Full-year 2018 Free Cash Flow of $642 million represents a $78 million improvement versus the prior-year
CC in the fourth quarter of FY 18 has reported the adjusted earnings per share of $1.05, which is in line with the analysts’ estimates for the adjusted earnings per share of $1.05. The company had reported the adjusted revenue growth of $1.46 billion in the fourth quarter of FY 18, compared to $1.6 billion in the record, prior year quarter. Results were driven primarily by lower volume in Titanium Technologies, resulting in a 10 percent impact to revenue, partially offset by a 4 percent increase in global average prices across all segments. Currency was a small headwind in the quarter. Fourth quarter net income was $142 million, or $0.81 per diluted share, inclusive of a $33 million charge related to Fayetteville. Adjusted EBITDA for the fourth quarter 2018 was $341 million in comparison to $394 million in the previous year’s record fourth quarter, a result of lower volumes and higher raw material costs year-over-year.
CC has declared a quarterly cash dividend of $0.25 per share on the company’s common stock for the first quarter of 2019. The dividend will be paid on March 15, 2019 to stockholders of record as of the close of business on February 27, 2019.
The company expects to deliver 2019 Adjusted EBITDA to be in the range of $1.35 to $1.6 billion. Capital expenditures are expected to be approximately $500 million, with Free Cash Flow of greater than $550 million. The company expects Adjusted EPS of between approximately $4.00 and $5.05 per share.