AP NEWS

Chemours reports third-quarter earnings decline

November 5, 2019 GMT

WILMINGTON, Del. (AP) — Chemours, the former performance chemicals unit of Dupont Co., is reporting a sharp drop in third-quarter earnings.

The Wilmington-based company is reporting net income of $76 million, or 46 cents per share, for the quarter ending Sept. 30. That’s down sharply from $275 million, and $1.51 per share, for the corresponding period last year.

Net sales were $1.4 billion, down from $1.6 billion in the prior-year quarter.

CEO Mark Vergnano says the results reflect a weakening economic environment that negatively affected performance across the company’s various business units.

Lower volumes for titanium dioxide contributed to net sales for Chemours’ titanium technologies segment dropping to $614 million, down from $791 million in third quarter of 2018.

The fluoroproducts segment saw net sales decline from $682 million to $636 million.