The Chemours Company

The Chemours Company (NYSE: CC) makes refrigerants, titanium dioxide pigments and specialized materials. Its three main businesses are Thermal & Specialized Solutions, Titanium Technologies and Advanced Performance Materials.

Third-quarter results

The table compares the three months ended September 30. Amounts are USD millions, except per-share figures. The 2025 comparison uses the company's revised figures.

Adjusted income removes selected litigation, environmental, asset-sale, financing and other items, including their tax effects. Free cash flow is operating cash flow less purchases of property, plant and equipment. Historical revisions cover the timing of costs, insurance proceeds and tax expenses.

Insurance rights, cash and settlements

Q3 included a $150 million payment under the PFAS Insurance MOU, an agreement exchanging rights to certain future insurance proceeds for money paid into an escrow to fund part of Chemours' New Jersey settlement obligations. The payment reduced selling, general and administrative expense.

Operating cash flow included that restricted-cash receipt, approximately $100 million of New Jersey settlement payments and approximately $25 million of taxes on the Kuan Yin property sale. At September 30, restricted cash totaled $103 million, separate from $698 million of unrestricted cash and cash equivalents.

Chemours also entered a settlement with North Carolina and local entities covering specified PFAS and historical-discharge claims, including matters related to Fayetteville Works.

The operating businesses

Adjusted EBITDA excludes interest, taxes, depreciation and amortization, along with selected litigation, environmental and other items.

Titanium Technologies increased prices by 10% from a year earlier. Adjusted EBITDA rose to $85 million from $25 million, exceeding August's $70 million to $80 million forecast. Thermal & Specialized Solutions reported $136 million, down from $194 million but within its $125 million to $140 million forecast. Opteon refrigerant sales fell 22% to $287 million as demand absorbed the previous year's initial aftermarket inventory buildup.

Advanced Performance Materials generated $337 million of sales and $24 million of adjusted EBITDA, within its $20 million to $30 million earnings forecast. Sales grew about 3% from Q2, below the mid-to-high single-digit increase expected in August. Its Performance Solutions line grew 26% from a year earlier to $153 million, supported by data center and semiconductor products.

For Q4, Chemours expects Advanced Performance Materials adjusted EBITDA of $40 million to $45 million, supported by its order book and certain customer contractual obligations. It also launched its Faizeon liquid-cooling portfolio.

Annual expectations and investment

The annual adjusted EBITDA forecast is $775 million to $800 million, versus $775 million to $825 million in August. Consolidated Q3 adjusted EBITDA was $200 million, within August's $175 million to $205 million range.

Annual operating cash flow is forecast at $340 million to $390 million, down from $445 million to $525 million. Capital spending is now $220 million to $230 million, versus $250 million to $280 million. The free cash flow forecast is $120 million to $160 million, compared with $195 million to $245 million previously.

The cash forecast includes the restricted insurance-rights payment, related settlement payments and taxes on the Taiwan sale. The projected conversion of adjusted EBITDA into free cash flow is above 15%, versus above 25% in August. The company expects a full-year GAAP net loss of $90 million to $100 million.

For Q4, the consolidated adjusted EBITDA forecast is $160 million to $185 million, with capital spending of $75 million to $85 million.

Property sale and debt

Chemours completed the sale of its former Kuan Yin property in Taiwan for approximately $340 million of total net consideration across the transactions. The final land parcel generated $56 million of gross proceeds. Q3 asset-sale gains were $50 million.

At September 30, debt principal was $3.872 billion and net debt after unrestricted cash was $3.174 billion. The $953 million of available revolving credit capacity is separate from cash.

Net debt was 4.3 times trailing adjusted EBITDA, down from 4.4 times in June. The year-end target is below 4.2 times, compared with around 3.8 times in August.