Q2 2024 Chemours Co Earnings Call Transcript
Key Points
- The Chemours Co (CC) achieved a 16% volume increase in TiO2 production despite challenges from the Altamira site disruption.
- The company has reached approximately $100 million in cost savings by the end of the second quarter, targeting $125 million for the year.
- Opteon refrigerants saw double-digit quarterly sales growth both sequentially and year over year, now making up nearly 60% of total refrigerant sales.
- The company received a permit to expand Teflon PFA resin production, critical for semiconductor manufacturing, at its Washington Works site.
- The Chemours Co (CC) released its seventh annual sustainability report and received approval from the Science Based Targets initiative for its emissions reduction goals.
- Consolidated net sales for the second quarter were down 6% year over year, driven by lower pricing and portfolio impacts.
- Adjusted EBITDA decreased from $324 million in the prior year to $206 million for the current quarter, impacted by lower pricing and cost absorption.
- The company incurred about $8 million in one-time costs due to the Altamira site disruption, with further impacts expected in Q3.
- Freon refrigerant sales experienced double-digit declines year over year due to regulatory step-downs and elevated market inventory levels.
- Corporate expenses increased due to costs associated with addressing material weaknesses in internal controls and additional litigation costs.
Good morning. My name is Lovely, and I will be your conference operator today. I would like to welcome everyone to The Chemours Company Second-Quarter 2024 Results Conference Call. (Operator Instructions) I would like to remind everyone that this call -- conference call is being recorded. I would now like to hand the conference call over to Brandon Ontjes, Vice President of Investor Relations for Chemours. You may now begin your conference.
Good morning, everybody. Welcome to the Corus Company's second quarter 2024 earnings conference call. I'm joined today by Mr. Putnam Sycamore's, President and Chief Executive Officer, and our Chief Financial Officer, Shane Hostetter.
Before we start, I would like to remind you that comments made on this call as well as in the supplemental information provided on our website contain forward-looking statements that involve risks and uncertainties as described in more of these SEC filings.
These forward-looking statements are not guarantees of future performance and are
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