The Chemours Company announced its financial results for the first quarter 2022.

First quarter 2022 net sales were $1.8 billion, 23% higher than the prior-year quarter. Volume and price were positive contributors to the improved results, growing 4% and 25%, respectively, on a year-over-year basis. Currency was a (2)% headwind, while changes in the portfolio accounted for the remaining (4)% difference on a year-over-year basis.

First quarter net income was $234 million, resulting in EPS of $1.43. Adjusted net income was $239 million. Adjusted EBITDA for the first quarter of 2022 was $403 million in comparison to $268 million in the prior-year first quarter, a result of higher pricing and volumes partially offset by cost headwinds related to raw material cost inflation and challenging logistics environment. Price vs. cost differential continued to be favorable in the first quarter.

“Our outstanding first quarter performance reflects the structural improvements we have made in our three industry leading businesses and the long-term secular growth trends underway in our Thermal & Specialized Solutions (TSS) and Advanced Performance Materials (APM) segments,” said Mark Newman, Chemours president and CEO.

“In our Titanium Technologies (TT) segment, we continue to manage through ore challenges, which we now believe will continue into the second half of 2022, while serving our TVS contracted customers and supporting their growth. Our businesses continue to perform well against strong customer demand and are positioned to grow in 2022, despite the global economic uncertainties, exacerbated by the conflict in Ukraine and ongoing COVID-19 related lockdowns in China.”

Titanium Technologies segment net sales in the first quarter were $928 million, up 28% in comparison to $723 million in the prior-year quarter. Volume rose 6% vs. the prior-year quarter, and price rose 24% over the same period, with currency partially offsetting by (2)%. Volume increases were driven by steady demand for products across all end-markets and regions throughout the quarter despite the unfavorable impact of ore supply challenges. Price increases were due to contractual price changes, as well as price increases in Chemours’ Flex and Distribution channels.

As of March 31, 2022, consolidated gross debt was $3.7 billion. Debt, net of $1.1 billion cash, was $2.6 billion, resulting in a net leverage ratio of approximately 1.8x times on a trailing twelve-month adjusted EBITDA basis.