| Summary of Quarterly Results of Operations |
The following sets forth a summary of the Company's quarterly results of operations for the years ended December 31, 2024, 2023 and 2022.
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For the Three Months Ended |
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2024 |
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March 31, |
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June 30, |
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September 30, |
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December 31, |
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Full Year (1) |
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Net sales (2) |
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$ |
1,362 |
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$ |
1,554 |
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$ |
1,508 |
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$ |
1,359 |
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$ |
5,782 |
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Cost of goods sold (2) |
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$ |
1,076 |
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$ |
1,248 |
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$ |
1,221 |
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$ |
1,086 |
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$ |
4,631 |
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Income (loss) before income taxes |
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$ |
67 |
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$ |
82 |
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$ |
(30 |
) |
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$ |
9 |
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$ |
127 |
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Net income (loss) |
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$ |
52 |
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$ |
70 |
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$ |
(27 |
) |
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$ |
(8 |
) |
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$ |
86 |
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Net income (loss) attributable to Chemours |
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$ |
52 |
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$ |
70 |
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$ |
(27 |
) |
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$ |
(8 |
) |
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$ |
86 |
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Basic earnings (loss) per share of common stock |
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$ |
0.35 |
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$ |
0.47 |
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$ |
(0.18 |
) |
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$ |
(0.05 |
) |
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$ |
0.58 |
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Diluted earnings (loss) per share of common stock |
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$ |
0.34 |
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$ |
0.46 |
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$ |
(0.18 |
) |
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$ |
(0.05 |
) |
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$ |
0.57 |
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For the Three Months Ended |
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2023 |
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March 31, |
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June 30, |
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September 30, |
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December 31, |
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Full Year (1) |
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Net sales (2) |
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$ |
1,549 |
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$ |
1,660 |
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$ |
1,501 |
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$ |
1,368 |
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$ |
6,078 |
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Cost of goods sold (2) |
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$ |
1,181 |
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$ |
1,250 |
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$ |
1,228 |
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$ |
1,113 |
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$ |
4,772 |
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Income (loss) before income taxes |
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$ |
173 |
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$ |
(433 |
) |
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$ |
13 |
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$ |
(71 |
) |
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$ |
(318 |
) |
Net income (loss) |
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$ |
145 |
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$ |
(376 |
) |
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$ |
12 |
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$ |
(18 |
) |
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$ |
(237 |
) |
Net income (loss) attributable to Chemours |
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$ |
145 |
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$ |
(376 |
) |
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$ |
12 |
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$ |
(18 |
) |
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$ |
(238 |
) |
Basic earnings (loss) per share of common stock |
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$ |
0.97 |
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$ |
(2.52 |
) |
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$ |
0.08 |
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$ |
(0.12 |
) |
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$ |
(1.60 |
) |
Diluted earnings (loss) per share of common stock |
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$ |
0.96 |
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$ |
(2.52 |
) |
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$ |
0.08 |
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$ |
(0.12 |
) |
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$ |
(1.60 |
) |
(1)Individual quarters may not sum to full year amounts due to rounding. (2)As revised, as noted below.
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| Summary of Revised Interim Consolidated Statements of Operations (unaudited) |
Revised Interim Consolidated Statements of Operations (unaudited)
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Three months ended March 31, 2023 |
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As reported |
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Revision |
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As revised |
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Net sales |
$ |
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1,536 |
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$ |
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13 |
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$ |
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1,549 |
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Cost of goods sold |
$ |
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1,168 |
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$ |
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13 |
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$ |
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1,181 |
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Gross profit |
$ |
|
368 |
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$ |
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— |
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$ |
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368 |
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Three months ended June 30, 2023 |
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As reported |
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Revision |
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As revised |
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Net sales |
$ |
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1,643 |
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$ |
|
17 |
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$ |
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1,660 |
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Cost of goods sold |
$ |
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1,233 |
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$ |
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17 |
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$ |
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1,250 |
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Gross profit |
$ |
|
410 |
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$ |
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— |
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$ |
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410 |
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Six months ended June 30, 2023 |
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As reported |
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Revision |
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As revised |
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Net sales |
$ |
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3,179 |
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$ |
|
30 |
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$ |
|
3,209 |
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Cost of goods sold |
$ |
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2,401 |
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$ |
|
30 |
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$ |
|
2,431 |
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Gross profit |
$ |
|
778 |
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$ |
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— |
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$ |
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778 |
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Three months ended September 30, 2023 |
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As reported |
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Revision |
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As revised |
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Net sales |
$ |
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1,487 |
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$ |
|
14 |
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$ |
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1,501 |
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Cost of goods sold |
$ |
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1,214 |
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$ |
|
14 |
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$ |
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1,228 |
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Gross profit |
$ |
|
273 |
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$ |
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— |
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$ |
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273 |
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Nine months ended September 30, 2023 |
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As reported |
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Revision |
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As revised |
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Net sales |
$ |
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4,666 |
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$ |
|
44 |
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$ |
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4,710 |
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Cost of goods sold |
$ |
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3,615 |
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$ |
|
44 |
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$ |
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3,659 |
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Gross profit |
$ |
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1,051 |
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$ |
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— |
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$ |
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1,051 |
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Three months ended March 31, 2024 |
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As reported |
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Revision |
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As revised |
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Net sales |
$ |
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1,350 |
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$ |
|
12 |
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$ |
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1,362 |
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Cost of goods sold |
$ |
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1,064 |
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$ |
|
12 |
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$ |
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1,076 |
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Gross profit |
$ |
|
286 |
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$ |
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— |
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$ |
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286 |
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Three months ended June 30, 2024 |
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As reported |
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Revision |
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As revised |
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Net sales |
$ |
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1,538 |
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$ |
|
16 |
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$ |
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1,554 |
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Cost of goods sold |
$ |
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1,232 |
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$ |
|
16 |
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$ |
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1,248 |
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Gross profit |
$ |
|
306 |
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$ |
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— |
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$ |
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306 |
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Six months ended June 30, 2024 |
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As reported |
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Revision |
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As revised |
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Net sales |
$ |
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2,887 |
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$ |
|
28 |
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$ |
|
2,915 |
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Cost of goods sold |
$ |
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2,294 |
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$ |
|
29 |
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$ |
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2,323 |
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Gross profit |
$ |
|
593 |
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$ |
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(1 |
) |
$ |
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592 |
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Other expense, net |
$ |
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(1 |
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$ |
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1 |
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$ |
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— |
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Income before income taxes |
$ |
|
149 |
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$ |
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— |
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$ |
|
149 |
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Three months ended September 30, 2024 |
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As reported |
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Revision |
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As revised |
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Net sales |
$ |
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1,501 |
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$ |
|
7 |
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$ |
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1,508 |
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Cost of goods sold |
$ |
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1,215 |
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$ |
|
6 |
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$ |
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1,221 |
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Gross profit |
$ |
|
286 |
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$ |
|
1 |
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$ |
|
287 |
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Other income, net |
$ |
|
7 |
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$ |
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(1 |
) |
$ |
|
6 |
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Loss before income taxes |
$ |
|
(30 |
) |
$ |
|
— |
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$ |
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(30 |
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Nine months ended September 30, 2024 |
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As reported |
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Revision |
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As revised |
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Net sales |
$ |
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4,388 |
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$ |
|
35 |
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$ |
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4,423 |
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Cost of goods sold |
$ |
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3,510 |
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$ |
|
35 |
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$ |
|
3,545 |
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Gross profit |
$ |
|
878 |
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$ |
|
— |
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$ |
|
878 |
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