Financial Summary *$1.78 billion of revenue in Q4, down 7.9 percent year-over-year, or down 7.4 percent in constant currency; $7.04 billion of FY revenue, up 0.2 percent year-over-year, or down 1.4 percent in constant currency. *Q4 and FY GAAP (loss)/earnings per share (EPS) of $(3.97) and $(2.56), down $4.33 and $3.40 year-over-year, respectively. Both Q4 and FY GAAP EPS include an after-tax non-cash goodwill impairment charge of $750 million or $4.38 and $4.08 per share, respectively. *$198 million of operating cash flow in Q4, down $37 million year-over-year; $629 million of FY operating cash flow, up $81 million year-over-year. *$182 million of free cash flow in Q4, down $39 million year-over-year; $561 million of FY free cash flow, up $87 million year-over-year. *Delivered $375 million of targeted 2021 gross cost savings through Project Own It, or $1.8 billion since inception. *Returned more than $1 billion to shareholders, close to double FY 2021 free cash flow.
Sun Chemical expanded its ECO PASSPORT by OEKO-TEX® certified colorant portfolio for spin-dyed fibers, reinforcing its commitment to sustainable fibers processing for textiles.
The newly added products provide excellent suitability for polyamide and polyacrylics, complementing the existing ECO PASSPORT colorant portfolio that contains products suitable for polypropylene, polyester and polyamide. The number of ECO PASSPORT certified colorants has increased to nineteen total products, now encompassing the full color space across a variety of polymers and providing excellent durability performance both in processing and end-use applications.
With this certification, the company has reached a new milestone in its continual effort to support sustainable fiber coloration for the textiles and plastics industries, supporting the increasing need for recyclability to achieve climate-neutral products as well as the circularity by design concept as it applies to fiber coloration
By controlling potentially harmful chemicals even if they are not regulated, the ECO PASSPORT by OEKO-TEX® certification signals high product purity to the fiber industry. It is widely recognized by the plastics and textile industries as one of the benchmarks when it comes to certifying starting materials used in production.
To achieve the sought-after certification, colorants must undergo a rigorous analysis by OEKO-TEX® and are only confirmed if they meet specific requirements for sustainability and safety. The outlined criteria is directly associated with the relevant levels in the Zero Discharge Hazardous Chemicals Manufacture Restricted Substance List (ZDHC MRSL) 2.0 conformance.
Once certified, the colorants can be published on the ZDHC Gateway, the online portal from the Zero Discharge of Hazardous Chemicals, an important tool for stakeholders across the value chain to verify conformance when coloring their formulations for textiles and plastics products.