WILMINGTON, Del. (AP) - Chemours, the former performance chemicals unit of Dupont Co., is reporting a 75% drop in second-quarter earnings.
The Wilmington-based company on Thursday reported net income of $24 million for the quarter ending June 30, one-fourth of the $96 million in profit for the corresponding period last year. Earnings per share fell from 57 cents to 15 cents.
Net sales totaled slightly less than $1.1 billion, compared to $1.4 billion in the second quarter of 2019.
Sales were down in all business segments, with across-the-board price declines and double-digit volume drops in the fluoroproducts and chemical solutions units. Sales volume in the titanium technologies segment was off 9%.
The company attributed 22% lower volume for fluoroproducts primarily to the impact of COVID-19 on the automobile manufacturing industry and industrial end-markets. Coronavirus-related mine closures drove a 16 percent volume decline in chemical solutions, the company said.
Net sales in the titanium technologies segment totaled $488 million, compared to $567 million in the prior-year quarter, attributed to softer demand primarily in Europe, Latin America and Asia.
Chemours shares closed at $18 on Thursday, down about 3.2%
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