"Our Q1 results were consistent with our expectations thanks, in part, to improved operating performance across our network. At the same time, we did begin to feel the early impact of COVID-19 in some areas of the business," said Mark Vergnano, Chemours president and CEO. "We are laser focused on the safety of our employees and the support of our customers. I am proud to report that our quick implementation of health screening procedures and procurement of additional protective equipment has allowed us to operate our manufacturing facilities with minimal coronavirus-related disruption. In addition, we have enacted a broad set of initiatives to reduce costs that will help improve our financial flexibility and enable us to promptly respond to changing conditions in the near term."
First quarter 2020 net sales were $1.3 billion in comparison to $1.4 billion in the prior-year first quarter. Results were driven primarily by higher volume in Titanium Technologies, more than offset by lower volume in Fluoroproducts and lower global average prices across all segments.
First quarter net income was $100 million, or $0.61 per diluted share. Adjusted net income was $118 million, with adjusted EPS of $0.71 up 8% and 13% respectively from the prior year. Adjusted EBITDA for the first quarter 2020 was $257 million in comparison to $262 million in the previous year first quarter.
In the first quarter 2020, Fluoroproducts segment net sales were $600 million in comparison to $687 million in the prior-year. Softer demand was primarily driven by the impact of COVID-19 in Asia Pacific and several end markets globally. Segment adjusted EBITDA of $140 million decreased 12% versus the prior-year quarter.
Chemical Solutions segment net sales were $92 million, a 31% decrease versus the prior-year first quarter. Volumes were lower year-over-year primarily driven by the Methylamines and Methylamides business divestiture in the fourth quarter 2019. Adjusted EBITDA of $15 million was flat in comparison to the prior-year quarter.
Titanium Technologies segment net sales in the first quarter were $613 million, up 10% in comparison to the prior-year quarter. Volumes improved 19% on year-over-year basis and 2% on a sequential basis. The higher volume of Ti-Pure™ titanium dioxide was driven by a combination of steady demand and expected market share regain in plastics.
Global average selling prices declined by 2% sequentially and 8% year-over-year. Segment Adjusted EBITDA increased by 10% to $138 million, in comparison to $126 million in last year's first quarter. Margins improved sequentially from 19% in the fourth quarter 2019 to 23% in the first quarter 2020 reflecting improved fixed cost absorption.
As of March 31, 2020, consolidated gross debt was $4.1 billion. Debt, net of $714 million cash, was $3.4 billion, resulting in a net leverage ratio of approximately 3.3 times on a trailing twelve-month Adjusted EBITDA basis. Total liquidity was $1.4 billion, comprised of $714 million of cash and $699 million of revolver capacity.
Cash provided by operating activities for the first quarter of 2020 was $44 million, versus $(44) million in the prior-year quarter. Free cash flow for the first quarter 2020 was a $62 million outflow versus the prior-year quarter of a $177 million outflow.
“In light of the uncertainty created by this pandemic, we are withdrawing our full-year 2020 guidance,” Vergnano said. "However, Chemours is quickly taking steps to best weather the current conditions, including protocols to safeguard the health and well-being of our employees as COVID-19 runs its course. At the same time, we have taken decisive action to reduce FY 2020 costs by reducing overhead, discretionary spend, and CAPEX.”