The Chemours Company reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period.
For the third quarter of 2024, Chemours achieved net sales of $1,501 million, a slight increase of $14 million (1%) from $1,487 million in Q3 2023. However, for the nine months ended September 30, 2024, net sales decreased to $4,388 million, down $278 million (6%) from $4,666 million in the same period last year. The increase in Q3 sales was attributed to a 5% volume increase, offset by a 3% price decrease and unfavorable currency movements of 1%.
Gross profit for Q3 2024 rose to $286 million, compared to $273 million in Q3 2023, while gross profit for the nine-month period fell to $878 million from $1,051 million. The company reported a net loss of $(27) million for Q3 2024, a significant decline from a net income of $12 million in Q3 2023. Conversely, for the nine months ended September 30, 2024, Chemours reported a net income of $94 million, a notable recovery from a net loss of $(220) million in the same period of 2023.
The company’s basic and diluted loss per share for Q3 2024 was $(0.18), compared to earnings of $0.08 per share in Q3 2023. For the nine months, basic and diluted earnings per share improved to $0.63 from a loss of $(1.47) in the prior year.
Chemours undertook significant restructuring efforts, incurring total charges of $46 million in Q3 2024, which included $25 million in non-cash asset-related charges and $18 million in employee separation costs. The company also recorded a goodwill impairment charge of $56 million for its Advanced Performance Materials segment, reflecting challenges in that business unit.
Total assets decreased to $7,463 million as of September 30, 2024, down from $8,251 million at the end of 2023. Current assets also fell significantly, primarily due to a decrease in cash and cash equivalents, which dropped to $596 million from $1,203 million. Total liabilities decreased to $6,804 million from $7,512 million, with current liabilities also declining.
Chemours continues to face legal challenges, particularly related to environmental issues, including ongoing litigation concerning PFAS contamination. The company has accrued $201 million for litigation as of September 30, 2024, reflecting settlements with the states of Ohio and Delaware.
Overall, Chemours' financial results indicate a recovery in net income for the nine-month period, despite challenges in revenue and ongoing restructuring efforts.
About Chemours Co
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