Chemours profit falls sharply

Recently, Chemours released its financial report for the fourth quarter of 2022, stating that the company's adjusted net profit was less than US$1 million, compared with US$233 million in the same period in 2021; sales were US$1.3 billion, a year-on-year decrease of 15%. Fourth-quarter sales at its titanium dioxide division, which accounts for half of overall sales, fell 35% year-on-year due to weak demand, severely constraining profitability.

In addition, the titanium technology segment's sales in the fourth quarter of 2022 were 606 million US dollars, a year-on-year decrease of 30%. A 7% price increase was more than offset by a 35% volume decline in weaker demand in Europe and Asia Pacific. Sales in the Thermal and Professional Solutions segment were $320 million in the quarter, an increase of 8% year-over-year. Sales of the Advanced Functional Materials segment were $382 million in the quarter, up 10% year-over-year.

Mark Newman, President and CEO of Chemours, said: "We expect demand in Europe, the Middle East and Africa and China to improve slowly over the course of the year. However, given the uneven macroeconomic conditions in different regions, the overall demand recovery in 2023 The pace and timing remain uncertain." Looking forward, the company expects adjusted EBITDA to be in the range of $1.20 billion to $1.30 billion in 2023, compared with its original estimate of $13.1 in 2022. One hundred million U.S. dollars.