Sales, EBITDA drop at Chemours in Q2 as lower prices hit earnings

Delaware, US – Net sales at Chemours fell by 6.4% year-on-year in Q2, dropping from $1.64bn last year to $1.54bn this. Volumes were up by 1%, but prices fell by 6%. Adjusted EBITDA was down from $324m last year to $206m in the quarter this year, a decline of 36.4%.

In its thermal and specialized solutions business, which includes Opteon blowing agents, sales were down 1.9% to $513m, falling from the $523m achieved in the 2023 quarter. Adjusted EBITDA fell to $161m from the $214m reported in the quarter last year, a drop of 24.8%. Lower pricing was a significant factor in the decline. However, sales were up 14% from the $449m reported in the first quarter of this year.

“Second-quarter net sales were in line with expectations, yet adjusted EBITDA fell short due to persistently high HFC inventory levels in the market and marginally higher corporate expenses,” said CEO Denise Dignam.

A low-to-mid single digit sequential decline in net sales is expected in the third quarter. A similar percentage fall in adjusted EBITDA is predicted.