Chemours Co (CC) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

EXHIBIT 99.1

The Chemours Company Reports Third Quarter 2019 Results

Committed to Core Growth Strategy and Managing Uncertain Macroeconomic Conditions

WILMINGTON, Del., Nov. 4, 2019 /PRNewswire/ --

Third Quarter 2019 Results

Other Highlights

The Chemours Company (Chemours) (NYSE: CC), a global chemistry company with leading market positions in Fluoroproducts, Chemical Solutions and Titanium Technologies, today announced its financial results for the third quarter 2019.

"Our results in the third quarter reflect a weakening macro-economic environment that had an adverse impact on performance across the business," said Chemours President and CEO Mark Vergnano.  "Despite that, we continue to make progress on our core business imperatives, including Ti-Pure™ value stabilization, Opteon™ adoption, and Fluoropolymers application development. As part of our ongoing efforts to improve operating efficiencies, we are making several restructuring and portfolio changes across Chemours, including the shutdown of our Methylamines and Methylamides business."

Third quarter 2019 net sales were $1.4 billion in comparison to $1.6 billion in the prior-year quarter.  Results were driven primarily by lower volume in Titanium Technologies and lower volume and price in Fluoroproducts, resulting in a 15 percent decrease in net sales. Currency was a small headwind in the quarter. Third quarter net income was $76 million, or $0.46 per diluted share, inclusive of restructuring, asset related, and other charges of $34 million. Adjusted EBITDA for the third quarter 2019 was $248 million in comparison to $435 million in the previous year's third quarter, a result of lower volumes and fixed cost under-absorption in Titanium Technologies, lower margins in Fluoroproducts, and reduced F-Gas quota sales. 

Fluoroproducts
Fluoroproducts segment net sales in the third quarter were $636 million in comparison to $682 million in the prior-year quarter. The continued impact of illegal imports of HFC refrigerants into the EU, softer base refrigerants demand, and macro-economic weakness more than offset the positive impact of adoption of Opteon™ mobile refrigerants and the increased sales of high-grade Fluoropolymers. Price and volume declined 4 percent and 2 percent, respectively, on a year-over-year basis. Segment Adjusted EBITDA of $122 million decreased 33 percent versus the prior-year quarter, primarily due to lower net sales and lower F-Gas quota sales.

Chemical Solutions
Chemical Solutions segment net sales in the third quarter were $140 million in comparison to $155 million in the prior-year quarter. Prices were lower year-over-year primarily driven by mix and lower cost pass-throughs in Performance Chemicals and Intermediates. Third quarter 2019 segment Adjusted EBITDA of $23 million decreased 4 percent versus the prior-year quarter, reflecting price headwinds partially offset by increased other income from licensing agreements.