The Chemours Company announced its financial results for the fourth quarter and full year 2021.

Full year 2021 net sales were $6.3 billion, up 28%, or $1.4 billion, from 2020. Net sales rose on a year-over-year basis as global demand recovered from 2020 pandemic lows. Also, 2021 net income of $608 million resulted in EPS of $3.60. Adjusted EBITDA for 2021 was $1,313 million, up 49% from 2020. Free cash flow was $543 million, demonstrating the ability of the company to convert earnings to cash consistently across economic cycles.

Fourth quarter 2021 net sales were $1.6 billion, 18% higher than the prior-year quarter. Volume and price were positive contributors to the improved results on a year-over-year basis.

Fourth quarter net income was $233 million, resulting in EPS of $1.40. Adjusted EBITDA for the fourth quarter 2021 was $307 million in comparison to $246 million in the prior-year fourth quarter, a result of higher pricing offset partially by lower volumes and cost headwinds related to raw material cost inflation and logistics. Currency was a slight headwind in the quarter.

“I’m extremely proud of the results our teams around the world delivered, despite the challenges and uncertainties of 2021. Consistently, in the face of demanding circumstances, we continue to meet our commitments to customers, supply chain partners, and the communities in which we operate while delivering on our financial goals,” said Mark Newman, Chemours president and CEO.

Titanium Technologies segment net sales for the full year were $3.4 billion, up $1.0 billion, or 40%, from the full year 2020 as demand recovered across all end markets and geographies from pandemic levels. Volume rose 28% while price rose 10%. Segment adjusted EBITDA rose $299 million to $809 million, as higher net sales more than offset cost headwinds.

Titanium Technologies segment net sales in the fourth quarter were $865 million, up 25% in comparison to $691 million in the prior-year quarter. Volume rose 6% vs. the prior-year quarter in spite of ore and logistics constraints. Price rose 19% on a year-over-year basis, and 5% on a sequential basis, reflecting strength across all three of Ti-Pure selling channels. Segment adjusted EBITDA increased 33% to $198 million from the prior-year period, resulting in segment adjusted EBITDA margins of 23%.

As of Dec. 31, 2021, consolidated gross debt was $3.8 billion. Debt, net of $1.5 billion cash, was $2.3 billion, resulting in a net leverage ratio of approximately 1.8x times on a trailing twelve-month adjusted EBITDA basis. Free cash flow for the year 2021 was $543 million vs. $540 million in 2020.