The Chemours Company (NYSE:CC) Q4 2019 Earnings Conference Call - Final Transcript
Feb 14, 2020 • 08:30 am ET
Ladies and gentlemen, thank you for standing by and welcome to The Chemours Company Fourth Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions].
I would now like to hand the conference over to Jonathan Walk, Vice President of Corporate Development and Investor Relations. Thank you. Please go ahead, sir.
Good morning and welcome to The Chemours Company's full year 2019 earnings conference call. I'm joined today by Mark Vergnano, President and Chief Executive Officer; Mark Newman, Senior Vice President and Chief Operating Officer; and Sameer Ralhan; Senior Vice President and Chief Financial Officer.
Before we start, I'd like to remind you that comments made on this call, as well as the supplemental information provided in our presentation and on our website contain forward-looking statements that involve risks and uncertainties, including those described in the documents Chemours has filed with the SEC. These forward-looking statements are not guarantees of future performance, and are based on certain assumptions and expectations of future events that may not be realized. Actual results may differ and Chemours undertakes no duty to update any forward-looking statements, as a result of future developments or new information.
During the course of this call, management will refer to certain non-GAAP financial measures that we believe are useful to investors, evaluating the company's performance. A reconciliation of non-GAAP terms and adjustments are included in our release and at the end of this presentation.
I will now turn the call over to our CEO, Mark Vergnano, who will review the highlights from the quarter and the year. Mark?
Thank you, Jonathan, and thank you everyone for joining us on this Valentine's Day 2020. As I look back on 2019, I am encouraged by the results we delivered in the fourth quarter and proud of the resilience we showed as a business throughout the year. These past 12 months have been among the most challenging we've had as a young company. However, as we have done in the past, my fellow colleagues that Chemours pulled together to deliver a solid set of results, consistent with our updated guidance of the full year. I'd like to recognize our commercial teams, operation staff, functions as well as our support teams around the world for making the best of a challenging year.
On chart 3 for the full year 2019, we delivered adjusted EBITDA of $1.02 billion. Free cash flow conversion was better than anticipated, leading to a full year free cash flow of $169 million. We had a strong fourth quarter, leading to free cash flow significantly higher than our updated guidance. Our results reflect the ability of Chemours to generate strong free cash flow, despite significant market and operating headwinds. The cost in working capital actions we implemented in 2019, began to have an impact late in the year and point the way to better results, as the cycle turns. We've come a long way