WILMINGTON, Del.--(BUSINESS WIRE)--The Chemours Company (“Chemours” or “the Company”) (NYSE: CC), a global chemistry company with leading market positions in Titanium Technologies (“TT”), Thermal & Specialized Solutions (“TSS”), and Advanced Performance Materials (“APM”), today announced its financial results for the third quarter 2023, and Titanium Technologies Transformation Plan.

Third Quarter 2023 Results & Highlights

• Net Sales of $1.5 billion
• Net Income of $20 million with EPS¹ of $0.13
• Adjusted Net Income² of $96 million with Adjusted EPS² of $0.63
• Adjusted EBITDA² of $247 million and Adjusted Free Cash Flow³ of $81 million
• Launched TT Transformation Plan, to drive approximately $100 million in run-rate cost savings starting in 2024
• Announced development of Opteon™ 2P50, a new specialty fluid for two-phase immersion cooling, including applications in data centers
• Completed sale of the Glycolic Acid business to PureTech Scientific Inc., generating net cash proceeds of $138 million
• ARCH2 hydrogen hub, in which Chemours is a project development partner, selected by the U.S. Department of Energy for grant award
• On October 26, 2023, the Company's Board of Directors approved a third quarter dividend of $0.25 per share
• Given weaker demand outlook, we now anticipate full year Adjusted EBITDA to be between $1.025 billion and $1.075 billion; with Adjusted Free Cash Flow guidance greater than $225 million^3,4