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Q4 net sales were US$1.4bn, a decrease of 12% from US$1.5BN yr-on-yr. Q4 net loss was US$86M or US$0.48/diluted share, vs net income of US$79M or US$0.44/diluted share on a pro forma basis yr-on-yr. Adjusted EBITDA for Q4 was US$132M vs US$205M yr-on-yr. Improved profitability in Fluoroproducts and Chemical Solutions were more than offset by 14% lower average prices in Titanium Technologies and approximately US$66M of unfavourable currency movements yr-on-yr.
The company is on track for its transformation plan and already has a line of sight into the next US$200M of cost reductions for 2016.