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Chemours’ net income fell more than expected!

Recently, Chemours released a report stating that the net profit in the second quarter was US$24 million, a decrease of 75% year-on-year, and the business volume of all divisions had declined. Sales in the second quarter were US$1.093 billion, a decrease of 22% from US$1.408 billion in the same period last year. After deducting $13 million in expenses related to Chemours’ facilities in Fayetteville, North Carolina, adjusted profit was $30 million, a 67% year-on-year decrease. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled US$166 million, a 41% decrease from US$283 million in the same period last year, due to lower production and prices, idle production costs, etc.

Among the sub-sectors, the fluorine products segment achieved sales of US$523 million, a year-on-year decrease of 26%. Sales fell by 22%, mainly due to the impact of the epidemic in global automobile production and industrial end markets, and product prices fell by 3%. The company said its EBITDA fell 46% to US$97 million.

The chemical solutions business unit achieved sales of $82 million, a year-on-year decrease of 37%. Output fell 16% year-on-year, mainly due to the closure of mines related to the new crown pneumonia epidemic. The total sales of the titanium technology division was US$488 million, a year-on-year decrease of 14% due to weak demand. The adjusted EBITDA of the business fell by 26% to US$94 million.