International. The Chemours Company announced its financial results for the third quarter of 2019. Net sales were $1.4 billion compared to $1.6 billion in the year-ago quarter.
The company explains that the results were mainly driven by lower volume in titanium technologies and lower volume and price in Fluoroproducts, resulting in a 15 percent decrease in net sales. The coin was a small headwind in the quarter. Net income for the third quarter was $76 million, or $0.46 per diluted share, including restructuring, related assets and other charges of $34 million.
Adjusted EBITDA for the third quarter of 2019 was US$248 million compared to US$435 million in the third quarter of the prior year, as a result of lower volumes and low fixed cost absorption in titanium technologies, lower margins in Fluoroproducts and lower F-Gas quota sales.
"Our third quarter results reflect a weakened macroeconomic environment that had an adverse impact on performance across the business," said Chemours President and CEO Mark Vergnano. "Despite that, we continue to advance our core business imperatives, including Ti-Pure value stabilization, opteon adoption, and development of fluoropolymer applications. As part of our ongoing efforts to improve operational efficiency, we are making several restructurings and portfolio changes at Chemours, including the closure of our methylamines and methylamides business."
Net sales of the Fluoroproducts segment in the third quarter were $636 million compared to $682 million in the prior-year quarter. The continued impact of illegal HFC refrigerant imports into the EU, demand for softer base refrigerants, and macroeconomic weakness more than offset the positive impact of the adoption of Opteon mobile refrigerants and increased sales of high-quality fluoropolymers. Price and volume declined 4 percent and 2 percent, respectively, year-over-year.
Segment adjusted EBITDA of $122 million decreased 33 percent compared to the prior-year quarter, primarily due to lower net sales and lower F-Gas share sales.
