Chemours Company Reports $238 Million Net Loss for 2023, Net Sales Decrease by 5%

Chemours Company reported a net loss of $238 million for the year ended December 31, 2023, compared to a net income of $578 million in 2022. Net sales decreased by 5% to $5.8 billion in 2024 from $6.1 billion in 2023, primarily due to a 4% decrease in price across all segments. The sale of the Glycolic Acid business in 2023 also contributed to a 1% decline in net sales. Cost of goods sold decreased by 3% to $4.6 billion, while selling, general, and administrative expenses dropped significantly by 55% to $585 million, largely due to a decrease in litigation-related charges from the prior year.

The company's three reportable segments—Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials—all experienced declines in net sales in 2024 compared to 2023. Thermal & Specialized Solutions saw a 1% decrease to $1.8 billion, primarily due to lower FreonTM refrigerant pricing, partially offset by increased OpteonTM refrigerant volume. Titanium Technologies' net sales decreased by 4% to $2.6 billion, primarily due to a 5% price decrease, partially offset by a 1% volume increase. Advanced Performance Materials saw a 9% decrease to $1.3 billion, resulting from lower prices, volumes, and unfavorable currency movements.

In November 2024, Chemours issued $600 million in 8.000% senior unsecured notes due January 2033, using a portion of the proceeds to redeem euro-denominated notes due May 2026. Amendments to the Credit Agreement in November and December 2024 also repriced the company's term loans, reducing applicable margins. The company's total unrestricted cash and cash equivalents were $713 million at December 31, 2024, with $640 million available under its revolving credit facility. The company anticipates making significant cash payments for various obligations in the coming year, including debt principal and interest, lease payments, raw material purchases, and environmental remediation.

Chemours employed approximately 6,000 employees globally as of December 31, 2024, with 77% located in the Americas, 16% in Europe, and 7% in Asia Pacific. The company's voluntary attrition rate was approximately 8% for the year ended December 31, 2024. Significant legal proceedings are ongoing, including those related to PFAS, asbestos, and the Audit Committee Internal Review. The company's outlook includes continued focus on its Pathway to Thrive strategy, which emphasizes operational excellence, enabling growth, portfolio management, and strengthening the long term. The company anticipates capital expenditures between $250 million and $300 million for the year ending December 31, 2025.