International. The Chemours Company recently announced its financial results for the first quarter of 2019.
Net sales of the fluoroproducts segment in the first quarter were $687 million compared to $732 million in the prior-year quarter. Illegal imports of stationary refrigerants into the European Union, demand for milder base refrigerants in North America, and fluoropolymer supply restrictions more than offset the increased demand for Opteon mobile refrigerants, resulting in a decrease in volume compared to the first quarter of last year.
The company indicated that the price remained stable year after year. The adjusted EBITDA segment of $159 million decreased 23 percent compared to the prior-year quarter, due to lower net sales and higher-than-anticipated costs related to operational issues, including the commissioning of Opteon's Corpus Christi facility.
"Our first quarter results were consistent with our expectations for a slower start to 2019," said Chemours President and CEO Mark Vergnano. "Our performance reflects the combination of lower volumes in our Titanium Technologies segment, the impact of illegal imports on our refrigerant business in Europe, and increased costs related to operational issues, including the commissioning of our Corpus Christi Opteon ™ facility. These headwinds have offset the continued adoption of Opteon ™ refrigerants globally, as well as the development of applications in Fluoropolymers. Our teams are working hard to improve performance and we remain focused on maximizing the value of our three world-class chemical platforms. We remain steadfast in our commitment to return the majority of our free cash flow to shareholders, as evidenced by the $261 million share buybacks in the first quarter."
Including all of the company's business areas, first quarter 2019 net sales were $1.4 billion compared to $1.7 billion in the year-ago quarter record. The results were primarily driven by lower volume at Titanium Technologies, resulting in a 20 percent decrease in net sales, partially offset by a 1 percent increase in global average prices across all segments.
First quarter net income was $94 million, or $0.55 per diluted share, including a $27 million charge related to its Fayetteville facility. Adjusted EBITDA for the first quarter of 2019 was $262 million compared to $468 million in the record first quarter of the prior year, the result of lower volumes and higher costs year-over-year.
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