WILMINGTON, Del.—Chemours reported total sales of $5.5 billion in 2019, down 16.8 percent on the previous financial year. Meanwhile, adjusted EBITDA across the business fell by 41.4 percent, to $1 billion according to the company's latest financial report.
"Our results for 2019 reflect a challenging year on several fronts, including TiO2 destocking, the continued impact of illegal imports of HFC refrigerants into Europe, and operational challenges, offset to some extent by record results in Chemical Solutions" said CEO Mark Vergnano.
Sales in the company's fluoroproducts business, which is home to its refrigerants and blowing agents, along with its Viton-brand fluoroelastomers, fell by 7.5 percent in 2019 to $2.6 billion. Adjusted EBITDA across in the division fell by 26.2 percent to $578 million in 2019.
Chemours said that the fall in sales was a result of lower volumes and prices. Both fell because the automotive and electronics markets were weaker than previous years. The company also complained of the effects of "continued impact of illegal imports of HFC refrigerants into the (European Union)."
Looking to 2020, the chemicals supplier remains optimistic, forecasting growth across all segments. Chemours officials said adjusted EBITDA should fall somewhere between $1.05 billion and $1.25 billion, while capital expenditures for the coming year should be approximately $400 million.
"Our outlook for 2020 reflects top line and bottom line growth across all segments," Vergnano said in a statement. "While the macroeconomic environment remains uncertain, we remain committed to delivering solid earnings growth and a significant improvement in free cash flow."