Wilmington, Delaware – Chemours, whose portfolio includes blowing agents, had total sales of $1680m in the third quarter of 2021. This is up 36.25% on the same period last year.
Tough Q3 but optimism at Chemours
Adjusted EBITDA across the business increased by 77.1% to $372m in the quarter.
CEO Mark Newman said that he was confident, despite the difficult operating environment.' 'On the back of strong performance in Q3 we are raising our expectations for the year,’ he said. ‘Adjusted EBITDA could be in the range of $1.3 to $1.4bn.'
In the company's thermal & specialized solutions business, which includes blowing agents and refrigerants, sales rose by 8.5% between the third quarter of 2020 and the third quarter of 2021, at $318m. This compares with $293m in the equivalent period in 2020.
Adjusted EBITDA in the division was flat period-to-period, at $105m.
Higher sales were offset by an unfavourable product mix, more expensive raw materials and more expensive logistics. This fed through to the EBITDA margin, which shrank from 36% in Q3 2020 to 33% in the most recent quarter.