Chemours (NYSE: CC) reported Q3 EPS of $0.61, $0.28 better than the analyst estimate of $0.33. Revenue for the quarter came in at $1.4 billion versus the consensus estimate of $1.4 billion.

Highlights:

• Continued progress on all transformation plan objectives, including cost reductions, growth initiatives and portfolio rationalization
• Improved cash from operating activities by ~$440 million year-to-date
• Retired $315 million of long term debt through October 31, 2016
• Generated ~$685 million in gross proceeds from Chemical Solutions divestitures
• Increased full-year Adjusted EBITDA outlook to be between $740 and $775 million based on a net income range of approximately $265 to $290 million

Chemours President and CEO Mark Vergnano said, "We continue to make excellent progress on all aspects of our transformation plan, realizing an incremental $60 million of cost savings during the quarter. We are benefiting from the OpteonTM refrigerant ramp up and the expansion of our low-cost TiO2 capacity at Altamira, while at the same time, delivering our planned cost reductions." He continued, "We successfully completed the Chemical Solutions portfolio review during the quarter, generating substantial proceeds. And, in the quarter, our Titanium Technologies business benefited from more favorable market conditions, while the fluoropolymers market remained challenged. Transformation initiatives are pervasive throughout the company and our results speak for themselves."

Adjusted EBITDA for the third quarter was $268 million versus $169 million in the prior-year quarter. Benefits from cost reductions, improved average prices in Titanium Technologies and improved profitability in Fluoroproducts was partially offset by the loss of Adjusted EBITDA from the asset sales within Chemical Solutions.

Sequentially, sales increased 1 percent to $1.4 billion in the third quarter. Third quarter net income was $222 million higher, or $1.21 per diluted share, versus the second quarter net loss of $18 million or ($0.10) per diluted share. The sales improvement was largely driven by higher seasonal volumes in Titanium Technologies and Fluoroproducts supplemented by higher TiO2 pricing. Third quarter Adjusted EBITDA increased $81 million from $187 million in the second quarter of 2016. Improved pricing in Titanium Technologies and OpteonTM refrigerant growth in Fluoroproducts were the primary drivers of the improved sequential performance, which were partially offset by unfavorable Corporate and Other expenses.

For earnings history and earnings-related data on Chemours (CC) click here.