WILMINGTON, Delaware—First half adjusted EBITDA in the Fluroroproducts division of Chemours fell by 22.2 percent compared with the first half of 2018. Earnings were $339 million in the period.
Sales for the the division were $1.4 billion, down from the $1.5 billion in the first half of 2018. Among the factors negatively impacting demand during the first half were unauthorized imports of HFC refrigerants into the European Union, softer North American markets, and macro-economic weakness. These factors fed through to the earnings line.
Company-wide sales were $2.8 billion the first half 2019, down by about 19.5 from the same period in 2018.
Meanwhile, Adjusted EBITDA in the company shrank by 19 percent. The company generated earnings of $545 million in the first half.
Chemours said that it thinks it will make less money than it forecast earlier for 2019 and has adjusted accordingly.
"We are disappointed in having to reduce our guidance for 2019," CEO Mark Vergnano said in a statment. "However, as we look beyond the next two quarters, we remain confident."