Wilmington, Delaware — First half, adjusted EBITDA in the Fluroroproducts division of Chemours fell by 22.2% compared with the first half of 2018. Earnings were $339m in the period.
Sales in the division were $1.4 bn in the period. This compares with $1.5bn in the first half of 2018.
Unauthorised imports of HFC refrigerants into the EU; softer North American markets, and macro-economic weakness hit demand during the half. These factors fed through to the earnings line.
Company-wide sales were $2.8bn the first half 2019.This lower by 19.4% than the same period in 2018.
Meanwhile, Adjusted EBITDA in the company shrank by 19%. The company generated earnings of $545m in the first half.
Chemours said that it thinks it will make less money than it forecast earlier for 2019.
Ceo Mark Vergnano said, ‘we are disappointed in having to reduce our guidance for 2019. However, as we look beyond the next two quarters, we remain confident’.
|Chemours numbers Q2 2019 ( $ m)|