Chemours NYSE: CC said third-quarter 2026 net sales increased 3% from a year earlier, as pricing momentum in Titanium Technologies and growth in Advanced Performance Materials offset weaker demand in its Thermal & Specialized Solutions business. Adjusted EBITDA was $200 million, at the high end of the company’s guidance range, with all three businesses contributing above expectations.
President and Chief Executive Officer Denise Dignam said the results reflected commercial and operational discipline amid weakening macroeconomic conditions in several key end markets. She also highlighted progress under the company’s “Pathway to Thrive” strategy, including debt reduction, asset sales, cost actions and efforts to resolve legacy litigation matters.
Titanium Technologies pricing supports earnings
In Titanium Technologies, or TT, Chemours said third-quarter performance exceeded its outlook despite persistent weakness in housing and other end markets. The company cited higher pricing and improved volumes, with strength in North America, Latin America and Asia Pacific excluding China offsetting softer demand in Europe, the Middle East, Africa and China.
Global TT pricing increased 10% year over year during the quarter and improved in every region, Dignam said. About $5 million of third-quarter earnings benefited from sales and cost timing that will shift into the fourth quarter.
For the fourth quarter, Chemours expects TT net sales to decline sequentially in the high-single-digit to low-teens percentage range and adjusted EBITDA of $60 million to $65 million. The outlook reflects normal seasonality, weaker demand and the reversal of third-quarter timing benefits. The company expects pricing to remain up high single digits from the prior year following three announced price increases over the past year.
Dignam said Chemours remains focused on managing production to demand, reducing costs and protecting the value of its Ti-Pure products. She also said the company will “aggressively defend” the U.S. market against unfair trade practices, while noting that imports of titanium dioxide into the U.S. remain modest compared with other regions.
APM gains from performance solutions demand
Advanced Performance Materials, or APM, delivered year-over-year sales, earnings and margin improvement, supported by pricing, volumes and a shift toward higher-value products. Performance Solutions sales rose 26% from a year earlier and 8% sequentially.
Dignam said demand from AI infrastructure, data centers and semiconductor customers remained strong. Products used in data-center and semiconductor applications now account for nearly half of Performance Solutions, according to the company.
Chemours expects APM net sales to increase sequentially in the low- to mid-teens percentage range in the fourth quarter, with adjusted EBITDA of $40 million to $45 million. The company attributed the outlook to continued Performance Solutions strength, higher sales and manufacturing cost and operational improvements.
Chief Financial Officer Shane Hostetter said the elevated fourth-quarter outlook includes some pent-up demand after operational issues earlier in the year. He said Chemours continues to view $30 million to $40 million in quarterly APM adjusted EBITDA as an expected range entering 2027.
The company also launched its Faizeon portfolio of two-phase liquid cooling fluids for AI infrastructure. Dignam said Chemours sees liquid cooling as a strategic market with significant long-term growth potential and is working with customers on potential two-phase data-center architectures beginning in 2027.
TSS faces seasonal aftermarket softness
Thermal & Specialized Solutions, or TSS, experienced the anticipated weakness in the North American stationary air-conditioning aftermarket. Demand for Opteon blends declined from the prior-year period, which had benefited from initial distributor channel filling associated with the U.S. AIM Act technology transition.
Lower aftermarket volume and higher input costs weighed on the segment. Dignam said sulfur was the primary source of higher input costs, but that pricing actions had helped offset the impact. She said the company does not currently expect further changes in those raw-material inputs.
For the fourth quarter, Chemours expects TSS net sales to decline sequentially in the high-teens to low-20% range as the North American cooling season ends. The company forecast adjusted EBITDA of $105 million to $115 million, primarily reflecting seasonal volume and mix effects.
Management said it has seen some positive order activity in the fourth quarter, but expects better visibility into aftermarket demand toward the end of the first quarter of 2027, when seasonal restocking activity becomes clearer. Chemours said it remains confident in TSS’s longer-term prospects, citing its position with HVAC equipment manufacturers and aftermarket distributors, its low-global-warming-potential refrigerant portfolio and intellectual-property protections extending into the 2030s.
Cash flow outlook reduced as company advances settlements and debt reduction
Chemours now expects full-year net sales to increase about 2% compared with 2025 and adjusted EBITDA of $775 million to $800 million. The company expects 2026 free-cash-flow conversion of 15% to 20%, with capital expenditures of $220 million to $230 million.
Hostetter said the cash-flow outlook was reduced by restricted cash related to PFAS insurance proceeds, legal settlement payments, net working-capital timing, turnaround plans in APM and transaction taxes tied to the sale of the company’s former Kuan Yin property. The company expects payments related to its North Carolina settlement and an EPA settlement in the fourth quarter.
During the third quarter, Chemours prepaid an additional €50 million of its euro term loan B, bringing year-to-date debt reduction to €280 million. It also completed the sale of the final parcel associated with its former Kuan Yin manufacturing site, receiving approximately $56 million of remaining consideration. Chemours expects its net leverage ratio to be below 4.2 times adjusted EBITDA at the end of 2026.
The company said it reached a settlement with North Carolina and 11 local entities over PFAS and other discharge claims connected to, and unrelated to, its Fayetteville Works site. It also received final approval of a Judicial Consent Order with New Jersey. Dignam said related settlement funding is expected to occur over decades under an agreement involving the company’s memorandum-of-understanding partners.
Looking toward 2027, Chemours expects uncertain macroeconomic conditions to continue but said it anticipates earnings growth, supported by cost measures, operating improvements and demand in selected high-value markets.
About Chemours (NYSE:CC)
The Chemours Company NYSE: CC is a global chemistry company that develops and manufactures performance chemicals and advanced materials for industrial and consumer applications. The company serves customers in markets including automotive, construction, energy, electronics, healthcare, and general manufacturing.
Chemours operates through businesses focused on Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials. Its products include titanium dioxide pigments used to provide whiteness and opacity in coatings, plastics, and paper; refrigerants and related thermal-management solutions; and high-performance fluoropolymers and specialty materials sold under brands such as Teflon™, Viton™, and Nafion™.
Headquartered in Wilmington, Delaware, Chemours serves customers globally through manufacturing facilities, research and development operations, and commercial activities across North America, Latin America, Europe, and Asia-Pacific.
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