The following is a summary of the Chemours Co (CC) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Chemours recorded a Q4 net sales of $1.4 billion, up 2% YoY, primarily due to increased demand in the TT and TSS segments.

• However, APM segment sales saw a decline of 15% due to softer demand in advanced materials.

• The adjusted net income for Q4 was $46 million while the recorded net loss was $18 million.

• For FY 2023, the net sales declined by 11% YoY, totaling at $6 billion.

• The company managed to achieve cost savings of approximately $50 million in 2023 and aims to save an additional $125 million in 2024.

• Chemours expects the Q1 2024 net sales and EBITDA to marginally decrease, while forecasting a cash flow of negative $400 million.

Business Progress:

• The ongoing cost-reducing measures across businesses and a transformation plan in the TT segment have been initiated.

• High-return market growth opportunities are being explored and invested in, particularly in TSS and APM Performance Solutions.

• A 40% expansion in capacity has been underway at Corpus Christi to capitalize on growth opportunities.

• Projects in the APM segment are oriented towards high-growth potential applications like hydrogen production, semiconductors, and electric vehicles.

• Chemours has shifted its operation system from corporate-led to business-led, implying more decision-making at the business level.

• The company completed an organizational redesign as part of its transformation plan, focusing more on process technology to improve yields and reduce energy costs.

• Chemours is preparing for a rebound in the TT business by implementing an aggressive cost reduction plan and streamlining its business strategy.

More details: The Chemours IR

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