Wilmington, Delaware — Chemours, a blowing agent company's, sales were $1.4 bn in the third quarter of 2019. This is lower by 15% than the same period in 2018.
Adjusted EBITDA across the business fell 43% and hit $248 m the third quarter of 2019.
Soft economy hits demand for Chemours in Q3 2019
Vergnano: softer economy in 2020 is likely
'Our results in the third quarter reflect a weakening macro-economic environment. This had an adverse impact on performance across the business,' said Chemours CEO Mark Vergnano.
The company's Fluroproducts business sales subsided by 7% between the third quarter of 2018 and 2019. They were $636.0m in the third quarter of 2019. This compares with $682m the third quarter 2018.
At the same time, adjusted EBITDA in the division declined by 33%. It hit $122 m in the third quarter of 2019. This compares with $182 m the 2018 period.
Fluoroproducts sales in the third quarter were hit as prices fell 4% and volumes fell 2% compared with Q3 2018. Falls in the sales line fed into adjusted EBITDA.
Vergnano added that 'We anticipate softer economic activity as we head into 2020. We are actively monitoring trade and other issues, which could change the dynamic.'
