Q2 2024 Orbia Advance Corporation SAB de CV Earnings Call Transcript
Key Points
- Sequential improvement across all businesses compared to the previous quarter.
- Cost optimization efforts resulted in a $35 million reduction in manufacturing and SG&A costs year-to-date.
- Progress on strategic projects, including the US PVDF capacity investment and the LiPF6 project.
- New building and infrastructure facility in Indonesia and expansion of the specialty compounds plant in India nearing completion.
- Strong demand and results in the polymer solution specialty compounds business.
- Revenues decreased by 9% year-over-year to $2 billion.
- EBITDA decreased by 25% year-over-year to $334 million, including $13 million of non-operating charges.
- Operating cash flow decreased by $212 million compared to the prior year quarter.
- Free cash flow was negative $130 million, a decrease of $160 million year-over-year.
- Net debt to EBITDA increased from 2.96 times to 3.39 times in the quarter.
Good morning, and welcome to Orbia's second-quarter 2024 earnings conference call. (Operator Instructions) Please also note that this event is being recorded. I will now turn the conference over to Diego Echave, Orbia's Vice President of Investor Relations. Please go ahead, sir.
Thank you, operator. Good morning and welcome to Orbia's second-quarter 2024 earnings call. We appreciate your time and participation. Joining me today are Sameer Bharadwaj, CEO, and Jim Kelly, CFO.
Before we continue, a friendly reminder that some of our comments today will contain forward-looking statements based on our current view of our business, and actual future results may differ materially. Today's call should be considered in conjunction with cautionary statements contained in our earnings release and in our most recent Bolsa Mexicana de Valores report. the company disclaims any obligation to update or revise any such forward-looking statement.
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