International.
Chemours Company, a global chemical company in the market for titanium technologies, fluoroproducts and chemical solutions, announced financial results for the fourth quarter and full year 2015.
Fourth-quarter net sales were $1.4 billion, down 12% from $1.5 billion in the year-ago quarter. Net loss in the fourth quarter was $86 million, $0.48 per diluted share, compared to net income of $79 million, or $0.44 per diluted share on a pro forma basis in the prior-year quarter.
Adjusted EBITDA for the fourth quarter was $132 million compared to $205 million in the prior-year quarter. Profitability improved in the Fluoroproducts and Chemical Solutions lines, being more than offset by the 14% lower average prices in Titanium Technologies and approximately US$66 million due to the unfavorable movements of currencies compared to the previous year quarter.
Sequentially, sales and adjusted EBITDA in the fourth quarter decreased by $126 million and $37 million, respectively, as of the third quarter. This was mainly due to seasonality in the Fluoroproducts segment, along with weaker TiO2 prices, lower demand for consumer electronics from fluorinated polymers, and $7 million of unfavorable currency movements. Additional transformation savings resulted in a reduction in structural costs in the quarter from the third quarter of 2015, and partially offset unfavorable revenues.
Mark Vergnano, President and CEO of Chemours, said, "In the fourth quarter, we continued to make significant progress on our transformation plan against a permanent backdrop of challenging market conditions, which continue to negatively impact our financial results. We have performed well in the areas within our control, resulting in approximately $100 million of lower costs during the second half of 2015. We have also made significant progress in our strategic review of our Chemical Solutions portfolio, including the sale of the Beaumont Aniline facility, the planned exit from the reactive metals business, and the decision to maintain the methylamines business."
